You can’t always pick and choose when it’s time to move. Maybe you found a job in another city, or you have a growing family and need more space. Whatever the case, buying a home isn’t something you necessarily do only when homes are cheap. Sometimes you just have to pack it up and find a new place regardless of what’s happening in the market.
If you’re someone who has to make a move in the near future, you’ll be happy to hear that home buying conditions are improving. In fact, homebuyers’ purchase power is on the rise. According to new data from Black Knight’s Mortgage Monitor Report, buying a home has become more affordable over the past few months.
Ben Graboske, president of Black Knight’s data & analytics division, says it is now more affordable than it has been since early last year. There is good news in these numbers for prospective homebuyers, though, Graboske said. Housing is now the most affordable it’s been since early in the 2018 home buying season. It currently requires 22.2 percent of median income to purchase the average home with a 20 percent down payment on a 30-year fixed-rate loan. In short, buyers need less income to purchase an average-priced home.