The experts agree, now is the time to buy. With the decline in mortgage interest rates last month to the five percent range, and now dropping even more, getting a mortgage is completely affordable. On top of historically low mortgage interest rates, the ‘median sales price’ of home in the south metro area is about 20 percent less than this time last year. That is now the lowest since the last quarter of 2001!!! Those two factors combine to make an extremely attractive housing affordability index. According to the Minneapolis Area Association of Realtors, the HAI (Housing Affordability Index) rose nearly 28 points from last December in the Elko New Market and Lakeville areas. That means the HAI is at 180, the highest point in the last 9 years.
When the HAI is up, that symbolizes a ‘good buy’ for buyers. Even though we have been experiencing a ‘buyers market’ for a couple years now, today is the best time to buy. If you have been waiting for the perfect time to buy your new home, it is GO TIME. With a wide inventory in Elko New Market, Lakeville, Farmington and other areas of Scott and Dakota Counties, you will find just what meets your needs. Feel free to contact me at Nichole@NicholeFredrickson.com for more information.
