Sentences with phrase «said affordability conditions»
NAR President Moe Veissi, broker - owner of Veissi & Associates Inc., in Miami, said affordability conditions are a big factor in rising sales.
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NAR President Ron Phipps, broker - president of Phipps Realty in Warwick, R.I., said buyers are responding to very good affordability conditions despite tight mortgage credit.
«Even with rising home prices, we'll continue to see favorable housing affordability conditions over the coming year, but they won't last forever,» Thomas said.
«The price decline could be diminishing, as buyers recognize great bargain prices and the highest affordability conditions in 40 years; this will help mitigate further price drops,» Yun said.
«All year, the relationship between home prices, mortgage interest rates and family income has been hovering at historic highs, meaning the best housing affordability conditions in a generation,» he said.
«A continuation of last month's alleviating price growth, which was the slowest since last December (4.5 percent), would improve affordability conditions and be good news for the would - be buyers who have been held back by higher prices this year,» Yun says.
«Some of the improvement in August may result from sales that were delayed in preceding months, but favorable affordability conditions and rising rents are underlying motivations,» he said.
«Even with limited choices, it appears some of the rise in contract signings could be from buyers wanting to take advantage of current affordability conditions before mortgage interest rates move higher,» he said.
«Mortgage rates have subsided in recent months, which has only somewhat helped take away some of the sting prospective buyers are experiencing with the deteriorating affordability conditions in many areas,» says Yun.
Lawrence Yun, NAR chief economist, says contract activity is fading this spring because significantly weak supply levels are spurring deteriorating affordability conditions.
«Solid economic conditions and millennials in their prime buying years should be translating to a lot more sales to first - timers, but the unfortunate reality is that the nation's homeownership rate will remain suppressed until entry - level supply conditions increase enough to improve overall affordability,» says Yun.
«Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,» he said.
Tight inventory and weaker affordability conditions are prompting consumers to doubt that now is a good time to buy a home, says NAR Chief Economist Lawrence Yun.
«For those with good credit, we've never seen better housing affordability conditions or market opportunities than we see at present,» he says.
«Even with rising home prices, we'll continue to see favorable housing affordability conditions over the coming year, but they won't last forever,» he said.
«With record high housing affordability conditions thus far in 2011, we'd normally expect to see stronger home sales,» he said.
«The recovery is occurring despite excessively tight credit conditions and higher downpayment requirements, which are negating the impact of record high affordability conditions,» Yun says.
But she says the expected moderation in underlying housing demand comes at a time when affordability is at a cycle low, supply conditions are becoming better balanced and pent - up demand has largely been satisfied.
Affordability conditions remain favorable in much of the country, but consumers need access to safe and sound financing, particularly the 30 - year fixed - rate mortgage, and with low downpayment options for first - time buyers,» Yun said.
«Housing affordability conditions have been at a record high this year, rents are rising and homes are selling for less than the cost of construction in most of the country,» he said.
While nearly half of the Coldwell Banker survey respondents reported that affordability was the No. 1 concern for this group, 82 per cent said today's first - time homebuyers consider move - in conditions to be very important when searching for homes.
Stable borrowing rates and a slight decline in utility costs provided little relief to homeowners as Canada's housing affordability conditions deteriorated for the fourth consecutive quarter, says the latest Housing Affordability Index released by Raffordability conditions deteriorated for the fourth consecutive quarter, says the latest Housing Affordability Index released by RAffordability Index released by RBC Economics.
«If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,» said NAR Chief Economist Lawrence Yun.
«Affordability conditions remain favorable in most of the country, and we're still dealing with a large pent - up demand,» he said.
NAR President Gary Thomas, broker - owner of Evergreen Realty in Villa Park, Calif., says the minor erosion in affordability conditions moving forward could be mitigated by bank and regulatory policies.
«With home prices in a broad trough and historically low mortgage interest rates, high housing affordability conditions and rising rents could stimulate a more rapid sales recovery if banks get back into the business of lending to more creditworthy borrowers,» Yun said.