02 Jun Dropping House Prices? Not for long!
Home buyer’s sitting on the fence to buy a home may miss their chance at these low prices if they don’t act soon. Housing experts are predicting that this year will be the last year prices remain flat before beginning to increase again.
Home prices have dropped significantly (34% on average) nationwide since 2006 and mortgage rates are at an all time low. It is not uncommon for buyers to receive interest rates at 3.5-4.0% make homes very affordable and in most cases, cheaper than renting.
According to economic experts, home prices are expected to flatten by the third quarter 2012 and will start climbing next year. A significant decline in foreclosures and increased job growth are prime factors affecting these predicted price increases. Mortgage institutions have also relaxed their lending standards after the backlash following the housing crash making mortgages available to previously unqualified buyers.
Prospective home buyers should act now before they miss out on this opportunity to buy low.
