And while the housing affordability issue remains prominent, and the Congressional bill has yet to be signed while we wait to get through the 10-day period, the many attempts to make housing affordability a reality are being made on many fronts.
Yes, there are buyers who can pay these prices, and many who are doing their best to save up for the down payment. So, buyers, do not assume that you need 20% down payment funds: look at FHA which is 3.5% down, and if you're a veteran, the VA and CalVet programs, plus more.
Prices vary in neighborhoods though, so the 90806 zip code in May had an average price of $790,000 for a house; 90804 was $706,000 for a house; but 90808 the average SFR price was higher at $1,172,010. To see constantly updated market reports, for residential properties, go to the link for informative pdf downloads.
Depending on your income you may qualify for a higher price than you think depending on the loan type. To get you started, use this Down Payment Resource link for access to many programs where you could find one that works for you. Just be aware that not all lenders work with each and every program, and I can help you with that. If you are a parent or relative or friend of someone who is wanting to get started, you and share this article with them.
Julia Huntsman, REALTOR, Broker | http://www.abodes.realestate | 562-896-2609 | California Lic. #01188996

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