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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. 3 beds, 2 baths
    Home size: 1,410 sq ft
    Lot size: 4,356 sqft
    Year built: 1926
    Days on market: 1
  2. 3 beds, 3 baths
    Home size: 1,554 sq ft
    Lot size: 3,920 sqft
    Year built: 2008
    Days on market: 1
  3. 5 beds, 4 baths
    Home size: 3,176 sq ft
    Lot size: 8,712 sqft
    Year built: 1956
    Days on market: 1
  4. 4 beds, 4 baths
    Lot size: 10,454 sqft
    Year built: 1971
    Days on market: 1
  5. 3 beds, 3 baths
    Home size: 2,328 sq ft
    Lot size: 5,662 sqft
    Year built: 1950
    Days on market: 1
  6. 3 beds, 3 baths
    Home size: 2,005 sq ft
    Lot size: 6,534 sqft
    Year built: 2017
    Days on market: 2
  7. 2 beds, 2 baths
    Home size: 1,042 sq ft
    Lot size: 3.16 ac
    Year built: 2005
    Days on market: 2
  8. 3 beds, 4 baths
    Home size: 4,023 sq ft
    Lot size: 4,356 sqft
    Year built: 1986
    Days on market: 2
  9. 3 beds, 2 baths
    Home size: 1,669 sq ft
    Lot size: 5,662 sqft
    Year built: 1919
    Days on market: 2
  10. 5 beds, 5 baths
    Home size: 3,382 sq ft
    Lot size: 6,534 sqft
    Year built: 1948
    Days on market: 2

See all Real estate in the city of Los Angeles.
(all data current as of 7/22/2017)

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

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