2012 – An Affordable Time to Buy a Home

ADDED ON September 29, 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: 2,245 sq ft
    Lot size: 6,250 sqft
    Year built: 1925
    Days on market: 1
  2. 2 beds, 2 baths
    Home size: 980 sq ft
    Lot size: 1.50 ac
    Year built: 1982
    Days on market: 1
  3. 3 beds, 3 baths
    Home size: 2,605 sq ft
    Lot size: 1.36 ac
    Year built: 1951
    Days on market: 1
  4. 2 beds, 2 baths
    Home size: 921 sq ft
    Lot size: 2,505 sqft
    Year built: 1956
    Days on market: 1
  5. 4 beds, 3 baths
    Home size: 2,320 sq ft
    Lot size: 4,660 sqft
    Year built: 1995
    Days on market: 1
  6. 4 beds, 2 baths
    Lot size: 4,752 sqft
    Year built: 1948
    Days on market: 1
  7. 2 beds, 2 baths
    Home size: 1,497 sq ft
    Lot size: 18,179 sqft
    Year built: 2003
    Days on market: 1
  8. 4 beds, 4 baths
    Home size: 3,375 sq ft
    Lot size: 5,175 sqft
    Year built: 1993
    Days on market: 1
  9. 2 beds, 2 baths
    Home size: 1,475 sq ft
    Lot size: 5,999 sqft
    Year built: 1937
    Days on market: 1
  10. 2 beds, 2 baths
    Home size: 1,082 sq ft
    Lot size: 16,058 sqft
    Year built: 1986
    Days on market: 2

See all Real estate in the city of Los Angeles.
(all data current as of 2/23/2018)

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

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