More affordable housing would be a boost for the economy, some experts say.
By Ron Scherer and Patrik Jonsson Staff writers of The Christian Science Monitor
NEW YORK AND ATLANTA – Six months ago, the 1920s-era Southern bungalow in Atlanta's Kirkwood neighborhood probably would have sold at its full price asking price of $325,000. But after playing hardball with the seller in the past few months, Phil Hagedorn and his fiancée, Kristen Burgess, got the price down by $25,000. And the seller paid the closing costs.
"It's absolutely getting better for buyers," says Mr. Hagedorn, a medical school student. "I had a gut feeling that [the price drop] was going to happen."
Falling housing prices in some areas are now making it possible for people like Hagedorn and Ms. Burgess to enter the housing market. If this were to happen nationally, it would be good news for the housing market since, currently, affordability is a major issue for many would-be buyers. This year, the percentage of household income going to mortgage payments has been at the highest point since 1990.
Read more >>
No comments:
Post a Comment