Benton County was just named the most affordable metropolitan county in the state for first time homebuyers. This is a title Benton County is familiar with due to high wages, this is seen when looking at the first time homebuyer affordability index which is at 127.9(seasonally adjusted data). This means first time homebuyers come in with 28% more income than the minimum needed to qualify. When looking just one county over these numbers drop, in Franklin County the first time homeowner affordability index is 102.1, meaning first time homeowners come in with 2% more income then the minimum. This number is lower than Benton County but it remains higher then the statewide first time homeowner affordability index of 95.5, with the average homeowner throughout the state coming in with 5% less commission then the minimum needed.
Home sales in both Benton and Franklin Counties are showing better numbers when compared to last year. Benton County has seen a 2% increase in home sales during the second quarter, while Franklin County saw a little over 3% increase in home sales during the same time. The average price of homes sold in both counties was $181,400, a 4% increase from last year. Overall both Benton and Franklin Counties are doing well, in 2011 there were fewer foreclosures than the two previous years. So far there have only been 149, if this trend continues the total this year will be about 300.
Posted by Joe and Colleen Lane, your Benton and Franklin County Real Estate Agents. Call or email us today with your Real Estate needs. 509.438.9344
by Colleen Lane
The Lane Real Estate Team
(509) 438-9344 - Colleen cell
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