2012 – An Affordable Time to Buy a Home
As 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:
$829,000 : 11045 TENNESSEE Avenue , Unit 4, Los Angeles2 beds, 3 full baths
$375,000 : 8630 S FIR Avenue, Los Angeles3 beds, 2 full baths
$549,000 : 1950 W 81ST Street, Los Angeles3 beds, 2 full baths
$739,000 : 1814 Pennsylvania Avenue, Los Angeles5 beds, 3 full baths
$949,000 : 3787 MOORE Street, Los Angeles3 beds, 2 full baths
$485,000 : 2329 N INDIANA Avenue, Los Angeles2 beds, 2 full baths
$1,695,000 : 6510 W 5TH Street , Unit 1, Los Angeles3 beds, 2 full baths
$2,995,000 : 8249 MARMONT Lane, Los Angeles4 beds, 4 full baths
2 beds, 2 full, 1 half baths
$599,000 : 3767 MERCURY Avenue, Los Angeles4 beds, 1 full, 1 three-quarter, 1 half baths
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.