“The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom,” reports Bloomberg News.
Home sales are above levels from a year ago, adds the National Association of Realtors (NAR). “We have seen nine consecutive months of year-over-year sales increases,” says NAR’s chief economist. “We expect housing to be notably better this year.”
Persons who are shopping for a home should look carefully at local market conditions. Some areas will continue to see modest price drops, while in others buyers must bid over the asking price to be successful.
The number of homes on the market and the amount of demand from local buyers determine how home values move. Overall the picture shows a slow and steady recovery unfolding.
Prospective buyers today are finding they can take advantage of current low rates and discount home prices. Here are some tips to consider as you think about moving –
* Find out what you can afford. Knowing what your monthly payments will be before you start looking at homes allows you to shop confidently.
* Research values in the neighborhoods you like. Discovering the most-recent prices on houses similar to what you’re interested in will give you the knowledge you need to make a winning offer.
* Be ready to seize opportunities. It’s natural to hesitate before making a big decision. Yet if you know a home purchase is affordable, and that it will enrich your life, you shouldn’t waste a moment before moving ahead.
Housing affordability is at record levels – and that makes it easier to purchase now. Fortunately, today many buyers don’t need to stretch their budget as much as some did in the past in order to move into a great residence.