Higher home prices offset lower interest rates and also lowered housing affordability in the Second Quarter of 2012.
That’s right! Just when you think the news is getting better yet another report comes out that brings us back down to earth. The percentage of home buyers who could afford to purchase a median-priced, existing single-family home in California fell to 51 percent in the second quarter of 2012, down from 56 percent in first-quarter 2012, according to the California Association of Realtor’s Traditional Housing Affordability Index (HAI).
It is such a fine line these days to affording a home or not; it doesn’t take much to tip the scales one way or the other. If you’re considering buying, chances are your Real Estate Agent will want you to get pre-approved before taking you out to view homes. This is a great idea as it will give you an exact idea of what your true price range is and you won’t waste time looking at homes you can’t qualify to buy.
For more great information like this contact Carol Sawdey at 925-487-2353 or at firstname.lastname@example.org.