It’s easy to understand why someone might lack confidence in buying or selling
a home in today’s economic climate, especially if all you pay attention to is our Dooms Day Media.  Bad news sells.   But bad news  deepens our fears and concerns about the economy.  What we have to remind ourselves is that the media likes to be dramatic and it selectively reports negative news to pull in an audience and advertisers.

So how bad is it?

Fact: About 30% 0f all homes in the U. S. are owned free and clear.

Fact: Of the 70% that do have a mortgage less than 4% are in default.

You can choose to see your self as a victim or as a fighter, or even an opportunist.  There are GREAT opportunities out there!  Millions of people are still working and succeeding every day.  People are working, paying their bills, eating in restaurants and buying everything imaginable.  Just today it was announced that retail sales for November exceeded expectations.  Home sales in the Twin Cities are up dramatically from a year ago.  Instead of dwelling on the negative headlines you can choose to focus on the opportunities around you.

Here’s the Good News

Homes are Affordable!

Fact: The housing affordability index is at the highest level it’s EVER been.

For the first quarter of 2009, the Housing Affordability Index hit172.5.  This means that a typical household earning themedian family income ($61,185) would have 172.5% of the income necessary to purchase a median-priced existing single-family home ($169,000) with a 20% down payment—
the highest level of housing affordability in history.

Your Buying power is up!

Fact: Financing rates are near historic lows.

These historically  low rates  along with tax credits and special finance programs makes this a great time to buy a home. Despite what you might read or hear on the nightly news, financing is available for qualified buyers.

It’s your choice to see this recession as a time to be a victim or  a fighter.

Technorati Tags: Buying Power, Dooms Day Media, Home affordability