Veterans Day parade tomorrow (friday) in downtown Franklin. 11am. Starts at 5points. One of my very favorite days!!

A study by the National Association of REALTORS, find that homes are more affordable than they ever have been since the NAR began keeping statistics in 1970.

According to the study,”The index shows the median-income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5 percent of gross income”, stated Moe Veissi, President of NAR.  tional Association of REALTORS reports that for the first time since 1970 (when the NAR began collecting data), all the stars have aligned for housing to be affordable for all buyers.  This result was reached in the first quarter of 2012.

The one piece of the puzzle which still stands in the way of some buyers are lending standards.  In what many people believe to be an overreaction to the banking meltdown in 2008, lending standards are incredibly difficult – particularly for self-employed persons.  Even with those standards being difficult, it’s never been a better time to buy a home.  Call me today to discuss your situation and get an idea of how you might be able to buy now.

 A New Report out today by the National Association of REALTORS notes that renters say it’s cheaper and better to buy.

I’ve worked with several renters lately and discovered that the credit process through some of the property management companies was just as rigorous as the lending process.    They were requiring lots of documentation including in some cases, IRS 1040′s for the past two years.

Rental rates have increased dramatically in the past few years due to the large numbers of renters entering the marketplace.  The rental rates in our area are a minimum of $1600 for a three bedroom home.  The mortgage on a $250,000 dollar home at today’s interest rate – 3.78%  is $1162 per month on a 30 year.

With interest rates where they are, renting just doesn’t make much sense.  Call me if you would like a free loan report from my lender partner.