Locally, I do not see a “bubble” per se, but I would really like the National Association of Realtors to either give more credible support or just stop giving it.
Question: “Should we be concerned that home prices are rising faster than family income?”
Answer: “No. There are three components to housing affordability: home prices, income, and financing costs – the latter are historically low.”
I am not an economist, nor do I play one on TV, but this argument seems … precarious. What happens in three (or two) years when those who have unwisely chosen 3 year interest only loans see those 4.5% mortgages jump to 6.5%, or 8.5%? Will they have planned judiciously for that event … or not?
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Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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Houses 10 Miles from City Center?
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Housing has Challengers Everywhere
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Who (What Age) is Moving to the Charlottesville – Albemarle Area
Sometimes, asking a simple question yields a tremendous response. A few weeks ago I was in a meeting in which a speaker noted that builders were building new homes primarily for the 55+ community (not explicitly 55+ communities; that's a different thing). Builders are building…
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