Housing affordability

So, we already know that we’re slipping toward a buyer market, because we’ve all read my previous post. What we didn’t know was that there are now some numbers and reports that prove that I’m right.

Housing prices generally flatten out at the end of the year and the California Association of Realtors say that affordability will remain where it is for the 4th quarter. According to reports, affordability in Los Angeles County was 13 percent which is 1% better than August. August by the way, was a month that saw record lows of affordability and tied for the state affordability record. It also saw record sales, go figure.

Lenders now are scrutinizing new loan applications more so in Northern and Central California. Which means its going to be more difficult to get a risky loan in those areas.

Buyer's Market in Long Beach

Long Beach is slipping into a buyer’s market. I’m not 100% certain if that is a seasonal transition or if we’re in for another buyer frenzy, but either way its good to buy when you can.

I’ve been looking through some mortgage pre-qualification to see what rate my client’s are getting (these are not advertised rates, just the average of what actual borrowers are being quoted). So far the 30 year fixed seems to be hovering around 6.35+- and 5.9 for the 15 year fixed rate.

Long beach is affordable, and a great place to park yourself. How about we make you a qualified buyer too?

-John