Since we began tracking the data for the major metropolitan statistical areas (MSAs) in 1981, there has never been a better time to buy a home. The median-income household needs only 27 percent of their income (an all-time low) to qualify for the median-priced home, and that household is also only paying 3.3 times their income for the house (3.1 is the all-time low). While we acknowledge that there is a tremendous demand/supply imbalance that will probably drive prices lower, long-term-oriented homebuyers have the opportunity of a lifetime in most markets around the country. Phoenix is clearly one of those markets. New York clearly is not. Do prospective buyers in most markets really want to gamble that prices AND mortgage rates will be cheaper next year, or can they take a lo...
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