Attention Buyers: Most Buyer-Friendly Level in Years
The DC-MD-VA Affordability Index is at its most buyer-friendly level in years. The index is presently 147 (meaning the typical buyer generally earns 47% more income than required to qualify for a mortgage to purchase a typical home in the DC metro area). The current score is 14% more affordable than the historical average of 129 in the DC metro area and well off the unaffordability lows (upper 70’s) experienced in the lead up to the 2007 housing market top.
About the Index
The National Association of Realtors (NAR) regularly tracks a multitude of housing data nationally and within every region of the country. Using the most recent housing prices and income data, the Housing Affordability Index measures whether or not a typical family generally earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels. A reading of 100 is considered equilibrium – typical family income is considered adequate to qualify for a mortgage at current housing prices. The further the index goes above 100 is considered more affordable, while below is considered less affordable. The data sets supporting this particular infographic concentrate on the region in which I work with my clients – the Northern Virginia area, including Fairfax, Arlington, Loudoun and Prince William counties.
Aligning Technical Signals
In addition to the favorable Affordability Index, there are other technical signals real estate brokers and agents are experiencing in the current market that suggest it’s a great time to consider buying a home. While relatively low housing inventory levels remain in place – producing a relative seller advantage, houses are sitting on the market longer producing softer absorption rates and a more frequent incidence of price reductions by sellers before homes go under contract. In addition, this past July was the first time in three years that the percentage of homes selling above list price declined, which also coincided with the decreased incidence of multiple offers being experienced. There a several signals aligning for buyers in today’s market that suggest it’s a great time to consider buying. Please contact me if you’d like to explore the opportunities!
“It is with much enthusiasm that we share with you our thoughts about Tim Trainum. He his the most knowledgeable and informed real estate agent with whom we have ever dealt. Over the last 45 years we have bought and sold a combination of 26 homes, condos, and multi-family apartment buildings in Fairfax, Arlington and other parts of the country. Tim is without a doubt the complete package. He did everything we asked him to do. He gave us great information and advice and kept us informed as to his progress day by day. We highly recommend him.” – Dean and Mary Simonds
I am a high-value agent who delivers demonstrably useful results to my clients. I operate my business with relationship-focused interaction that aligns client goals with beneficial outcomes. I have an unyielding commitment to being an open and honest advocate, ensuring my clients reach their desired outcome efficiently and with the most equity. My overarching passion in real estate is to join your buying and selling journey and help improve your quality of life.
I am a full-time, licensed Realtor® who has established deep roots and knows the region. I was born and raised in the Northern Virginia area, graduating from Chantilly High School and then James Madison University with degrees in Economics and Finance. I live in Fairfax with my wife Liz and our seven year old son Robby. I’m a homeowner myself and understand the important decisions my clients face when they’re buying or selling a home. In addition, I’m an owner of investment property, including a multi-family apartment buildings. I have a penchant for helping people having taught adult education courses in investing and personal finance, and helped numerous clients, friends and colleagues in creating a path to wealth creation. I also serve as the trustee for a private charitable memorial fund.
I have been working in the real estate industry helping clients for over 25 years. As a Listing Agent, the value I create for my sellers is to help them elevate and showcase home condition. I use multiple valuation techniques to pinpoint market value for my sellers. I use cutting-edge marketing strategies to promote widespread buyer awareness and produce the maximum selling price in the fewest days possible, while protecting my seller’s best interests throughout the complete selling and settlement process. As a Buyer’s Agent, I help my buyers locate the home that changes their life. I guide my buyers in structuring the most compelling offer that can win seller acceptance, while retaining the most value and equity possible for buyer benefit and in a manner that protects their best interests throughout the complete buying and settlement process. I have worked with clients in the purchase of investment property, helping them to prospect property as well as evaluate all the financial metrics important to making the investment. My real estate experience includes working in the development, construction and operation of real estate infrastructure projects, closing over $500 million, as well as supporting several commercial real estate clients in the pursuit of reaching their objectives. My experience spans across consulting with clients on remodeling and home improvement projects to negotiating land purchase agreements and easements, to negotiating residential and commercial leases. There are few areas of real estate that I haven’t touched and it continually has been with a mind-set of delivering exceptional outcomes.