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2012 – An Affordable Time to Buy a Home

ADDED ON April 2, 2017 0 COMMENTS

affordable time to buy a homeAs real estate agents, we are constantly asked – should I buy a home now or wait?  Is it an affordable time to buy a home?  Frankly, what we are seeing is a  combination of historically low mortgage rates and a decline in home prices – together making home affordability within reach for many people.

This is great news for home buyers, provided they are able to qualify for a loan.   What we are seeing with the lenders are stricter qualification guidelines thereby making a home loan more challenging.  If you are thinking about buying a home, we recommend that you work with a mortgage specialist to determine your ability to qualify for a loan.  Your lender holds the key to your home purchasing power.

The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) report that nearly 76% of new and existing homes sold in the last quarter of 2011 could have been purchased by buyers earning $64,200 (the national median income).

The most affordable areas in the country are located in the Midwest.   For the fourth quarter of 2011, the most affordable areas were:   Youngstown-Warren-Boardman, OH-PA (large metro) and Kokomo, IN (small metro).  Not surprisingly, the western part of the United States has the highest concentration of the least affordable areas.

Want to know more?  The NAHB/Wells Fargo Housing Opportunity Index: History of Least and Most Affordable Areas spreadsheet and other data can be found here.

Let’s find a home in Los Angeles for you!

Be sure to take a look at these recently listed Los Angeles homes for sale:

  1. 2 beds, 3 full baths
    Home size: 1,709 sq ft
    Lot size: 6,496 sqft
    Year built: 1975
    Days on market: 0
    Walk Score®: 85
  2. 3 beds, 2 full baths
    Home size: 1,368 sq ft
    Lot size: 3,375 sqft
    Year built: 2015
    Days on market: 0
    Walk Score®: 74
  3. 3 beds, 2 full baths
    Home size: 1,720 sq ft
    Lot size: 5,921 sqft
    Year built: 1927
    Days on market: 0
    Walk Score®: 65
  4. 5 beds, 3 full baths
    Home size: 2,367 sq ft
    Lot size: 8,424 sqft
    Year built: 1897
    Parking spots: 3
    Days on market: 0
    Walk Score®: 90
  5. 3 beds, 2 full baths
    Home size: 1,250 sq ft
    Lot size: 5,244 sqft
    Year built: 1926
    Days on market: 0
    Walk Score®: 80
  6. 2 beds, 2 full baths
    Home size: 1,199 sq ft
    Lot size: 27,521 sqft
    Year built: 1960
    Parking spots: 4
    Days on market: 0
    Walk Score®: 44
  7. 3 beds, 2 full baths
    Home size: 1,818 sq ft
    Lot size: 6,100 sqft
    Year built: 1940
    Days on market: 0
    Walk Score®: 79
  8. 4 beds, 4 full baths
    Home size: 3,456 sq ft
    Lot size: 9,112 sqft
    Year built: 1921
    Days on market: 0
    Walk Score®: 84
  9. 2 beds, 2 full, 1 half baths
    Home size: 1,674 sq ft
    Lot size: 9,750 sqft
    Year built: 1989
    Days on market: 0
    Walk Score®: 89
  10. 4 beds, 1 full, 1 three-quarter, 1 half baths
    Home size: 1,714 sq ft
    Lot size: 4,204 sqft
    Year built: 2007
    Days on market: 0
    Walk Score®: 45

See all Real estate in the city of Los Angeles.
(all data current as of 4/28/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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