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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. 2 beds, 2 baths
    Home size: 1,290 sq ft
    Lot size: 4,800 sqft
    Year built: 1929
    Days on market: 1
  2. 2 beds, 1 bath
    Home size: 863 sq ft
    Lot size: 4,561 sqft
    Year built: 1952
    Days on market: 1
  3. 4 beds, 4 baths
    Home size: 3,063 sq ft
    Lot size: 15,095 sqft
    Year built: 1962
    Days on market: 1
  4. 2 beds, 2 baths
    Home size: 1,180 sq ft
    Lot size: 21,405 sqft
    Year built: 1968
    Days on market: 1
  5. 3 beds, 2 baths
    Home size: 1,154 sq ft
    Lot size: 6,084 sqft
    Year built: 1911
    Days on market: 1
  6. 3 beds, 2 baths
    Home size: 1,542 sq ft
    Lot size: 2,360 sqft
    Year built: 1983
    Days on market: 1
  7. 5 beds, 5 baths
    Home size: 3,064 sq ft
    Lot size: 11,880 sqft
    Year built: 1966
    Days on market: 1
  8. 4 beds, 5 baths
    Lot size: 15,163 sqft
    Year built: 0
    Days on market: 1
  9. 3 beds, 2 baths
    Home size: 1,136 sq ft
    Lot size: 3,360 sqft
    Year built: 1921
    Days on market: 1
  10. 7 beds, 8 baths
    Home size: 7,071 sq ft
    Lot size: 7,700 sqft
    Year built: 2017
    Days on market: 1

See all Real estate in the city of Los Angeles.
(all data current as of 11/25/2017)

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

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