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Skip Richard  
The Skip Richard Team
c/o Weichert, Realtors
20400 Observation Drive, suite 200
Germantown, Maryland 20876
(direct) 240-552-1778
(office) 301-540-1330 x7793
SkipRichard@gmail.com
www.facebook.com/skip.richard.7

 
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to The Skip Richard Team

As the premier resource for the top Real Estate Information in the Bethesda, Boyds, Chevy Chase, Clarksburg, Damascus, Frederick, Gaithersburg, Germantown, Hagerstown, Laurel, Laytonsville, Poolesville, Potomac, Rockville, & Silver Spring......as well as the neighboring areas.

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HOME BUYERS:     Looking for a new home?  Whether you are a First Time Buyer,  a Mover-Upper, or an Experienced Investor.........please click on Search the MLS to browse an up-to-date database list of all available properties in the area on the MLS, or use my Dream Home Finder form and I'll conduct a personalized search for you, and email the listings to you that match your search criteria (Experienced with MPDU's, Short Sales, REO/Foreclosures and VA & HUD On-Line Bidding, too)

HOME SELLERS:     If you're planning to sell your home in the next few months, nothing is more important than knowing a fair asking price. I would love to help you with a FREE Market Analysis, .....just fill out the requested information & I will come out to your house for a 20 minute, No-Obligation visit.........take some measurements & photos, ask & answer a few questions, then we will meet a couple days later and go over my in-depth "Marketing & Saleability Plan" tailored for your home. (We are experienced with Short Sales too...........call us we bring results)

RENTERS:    Whether you are looking for a nice rental unit or you have one for lease, as a Certified Rental Specialist, I  have the skills and expertise to get the job done, call or email us!! (Experienced with HOC Section 8 Guidelines, too)

Real Estate News

Latest Realty News from NAR

How Many Active Listings Can you Afford to Buy in the 100 Largest Metro Areas?

Find out how many of the homes which are currently listed for sale you can afford to buy based on your income.

A typical household earning about $51,000[1] can afford to buy 36% of homes for sales in the United States, according to the REALTORS® Affordability Distribution Curve and Score (RADCS). The tool below, updated with August 2018 data, lets you find out what share of homes, which are currently listed for sale, you can afford to buy in the 100 largest metro areas based on your income.

Select a range that best describes the income that you earn. Hover over the map to see the percentage of homes which are currently listed for sale that you can afford to buy.

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The NAR Research Group and REALTOR.COM have partnered to conduct an analysis of affordability at different income levels for all active inventory on the market. The result of this analysis, the RADCS, shows that a household needs to earn at least $65,000 to afford more than half of the active housing inventory. Currently, the typical household, earning $51,000 can afford to buy 36 percent of homes for sale. Compared to a year earlier, housing affordability across the United States declined in August. The main reason for the decline is that housing inventory remains very low, causing affordability to weaken in most areas of the country.

Among the 100 largest metro areas, Los Angeles-Long Beach et al., CA was the least affordable metro area in August followed by San Diego-Carlsbad, CA and Oxnard-Thousand Oaks-Ventura, CA. In these metro areas, a household earning about $100,000 can barely afford to buy on average 12 percent of homes currently listed for sale. In contrast, the same household can afford to buy on average more than 90 percent of the housing inventory in Youngstown-Warren et al., OH-PA, Dayton, OH and Toledo, OH.

For more information, view the Realtors® Affordability Distribution Curve and Score data page.


[1] Based on Nielsen’s income distribution data

July 2018 Housing Affordability Index

At the national level, housing affordability is up from last month but down from a year ago. Mortgage rates rose to 4.75 percent this July, up 14.7 percent compared to 4.14 percent a year ago.

  • Housing affordability declined from a year ago in July moving the index down 8.2 percent from 151.2 to 138.8. The median sales price for a single family home sold in July in the US was $272,300 up 5.2 percent from a year ago.
  • Nationally, mortgage rates were up 61 basis point from one year ago (one percentage point equals 100 basis points).

  • Regionally, the Northeast recorded the biggest increase in home prices at 7.0 percent. The West had an increase of 5.3 percent while the South had a gain of 3.1 percent. The Midwest had the smallest growth in price of 2.5 percent.
  • Regionally, all four regions saw a decline in affordability from a year ago. The Northeast had the biggest drop in affordability of 10.3 percent. The West had a decline of 8.3 percent followed by the South that fell 6.8 percent. The Midwest had the smallest drop of 2.2 percent.
  • On a monthly basis, affordability is up from last month in three of the four regions. The Midwest had biggest gain of 7.9 percent. The West had an incline of 2.6 percent followed by the South with an increase of 2.1 percent. The Northeast had the only dip in affordability of 1.1 percent.
  • Despite month-to-month changes, the most affordable region was the Midwest, with an index value of 183.6. The least affordable region remained the West where the index was 101.2. For comparison, the index was 143.0 in the South, and 142.2 in the Northeast.

  • Mortgage applications are currently down 1.8 percent and mortgage rates are continuing to rise. Credit availability has declined which is a sign that there is constriction on lending standards. Job creation is up as well as new homes sales. As inventory increases, more buyers are likely to come into the housing market. Home prices are up 4.6 percent while median family incomes are only growing 3.2 percent.
  • What does housing affordability look like in your market? View the full data release here.
  • The Housing Affordability Index calculation assumes a 20 percent down payment and a 25 percent qualifying ratio (principal and interest payment to income). See further details on the methodology and assumptions behind the calculation here.

 

 

 

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