The National Association of Home Builders (NAHB) and Wells Fargo Housing Opportunity Index (HOI) report that nearly 76% of new and existing homes sold in the last quarter of 2011 could have easily been purchased by buyers earning $64,200 (the national median income). The previous quarter showed nearly 73% of homes in that range, marking a 3% increase.

Interest rates have been at record lows and change weekly on 30-year loans with Freddie Mac reporting an average of 3.87% on February 16th. 15-year loans were averaging 3.16%.  Many housing markets were considered affordable in the recent index, however, if you are in market to purchase a home, the following areas represent the best choice in order of affordability according to the NAHB/HOI:

• Youngstown, Ohio
• Boardman, Ohio
• Warren, Ohio
• Lakeland, Florida
• Winter Haven, Florida
• Modesto, California
• Harrisburg, Pennsylvania
• Carlisle, Pennsylvania
• Toledo, Ohio
• Kokomo, Indiana
• Fairbanks, Alaska
• Cumberland, Maryland
• Lima, Ohio
• Rockford, Illinois

Click on The NAHB/Wells Fargo Housing Opportunity Index: History of Least and Most Affordable Areas spreadsheet located here to download the list of historical data on the most and least affordable areas in your community or browse their website to learn more.

1. Types of homes. Choose the type of home that is the most appealing yet practical for you. In addition to single family homes, there are multifamily homes, condominiums and co-ops. Multi-family homes are often good for first time home buying because they can have rental income to help with their mortgage.

2. Budget and investment considerations. Find a balance between your needs, wants and budget. Decide whether you should buy a newly constructed home, a bit older home or a “fixer-upper”. If you may sell your home in the future, the following are best for re-sell value:

• Homes with 3 or more bedrooms; condos with 2 or more
• Homes with “curb appeal” always sell best
• Homes that are NOT unusual or unique and not the most expensive on the block

3. While house-hunting you will probably look at many homes for sale, so keep careful and complete notes and compare.

4. When you finally find your dream home, don’t hesitate! If you snooze, you may lose!

1. Decorate your home festively, but don’t go overboard and cover up important features. Also, put treats out for buyers and crank up the heat for a cozy winter escape.
2. Post top-quality photos and videos of your house on the web. Many buyers do their shopping from the warmth of their homes when the weather is bitter.
3. Make sure your curb appeal is striking! Keep fallen leaves raked and snow neatly groomed.
4. Get yourself a reliable real estate agent and seek out serious buyers such as work re-locators.
5. As always, price to sell!!

Don’t confuse appraisals with inspections! An appraisal is for a lender to estimate the value of the home, and to make sure it meets minimum FHA standards. The FHA does NOT guarantee the value or condition of your would-be new home. If you find problems with your home after closing, don’t expect the FHA to help. It’s your responsibility to inspect the home for problems before closing.

Finally, radon gas testing is recommended for all houses by the EPA and the Surgeon General of the United States. For more information on radon testing, call the National Radon Information Line at 1-800-SOS-RADON, or 1-800-767-7236.

Inspections may be done before or after signing as long as your contract states that the home saledepends on the inspection.

1. HO-2, the least expensive type, covers only named perils such as fires or lightning. If the peril is not named, it’s not covered.
2. HO-3, generally recommended as the minimum coverage, includes open perils protection. It covers all direct physical losses with certain exceptions such as earthquakes, floods and intentional loss.
3. HO-4, renters and tenants insurance, covers personal property rather than the structure itself. There are also exclusions for which types of perils are covered.
4. HO-5 covers open perils and adds a rider, which includes protection of personal property. Exceptions also apply.
5. HO-6 is for condos or co-ops. It is similar to HO-4, but also covers improvements you may have made to the dwelling.
6. HO-8 is for older homes. It insures the home for the repair cost or market value instead of the cost to replace it.

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