Low Interest Rates, Low Prices, Mean More Affordability

There's a silver lining to all this bad real estate news of late — more people can now afford to buy a home. Housing affordability continued to improve throughout the state in the first quarter of 2011, due to low interest rates and home prices, the California Associate of Realtors (C.A.R.) reported earlier this month.

The percentage of buyers who could afford to purchase a median-priced, single-family home in California rose to 53 percent in the first quarter of 2011, up from 50 percent in fourth-quarter 2010, according to C.A.R.’s Traditional Housing Affordability Index (HAI). 

C.A.R.’s HAI measures the percentage of all households that can afford to purchase the median-priced, single-family home in California.  Here are a couple homes in Concord and Clayton that are great examples of the affordable homes now available:

 6026 Golden Eagle Way, Clayton

3 bedroom, 2 bath, 1816 square feet

$440,000

Located in upscale Oakhurst Country Club, this beautiful, single-story Augusta model has laminate flooring, raised ceilings and plantation shutters. It also features an updated eat-in kitchen with corian counters, an island, oak cabinets and a built-in desk. The backyard offers a great pool and large side yards, one with possible room for boat storage or an RV.

4888 Fedesco Court, Concord

3 bedroom, 2 bath, 1691 square feet

$368,000

The listing agent says this is "move-in ready." Located on a quiet cul-de-sac, this home offers a remodeled kitchen and updated baths. The sellers invested $20,000 in home/yard upgrades in 2011, including new interior and exterior paint and new carpet. It also has a bonus room not included in the square fotoage, dual-paned windows, hardwood floors, a large covered patio, and a big .23 acre lot.