As you know the real estate market has been in shambles for about six or seven years. But you may have noticed that times are changing. There is an upward trend in the housing market that should make you stand up and pay attention.
Here are a few reasons you shouldn’t put off buying a new home any longer.
1. Although interest rates have been at historic lows, there have been some small, but rather insignificant, increases over recent months. However, the interest rates are still very low – but they won’t stay that way for long.
2. Some of the debt buyback programs the Federal Reserve has in place will be ending soon.
3. Because of the interest rates being so low and the number of below market value homes on the market, a buying frenzy has been created. As these homes are purchased and the inventory dwindles, the price of homes will go up and the interest rates will go up with it.
4. HARP 2.0 is about to expire at the end of 2013.
5. Rental rates continue to rise. Therefore it is to your benefit to take advance of the below market housing prices and the low interest rates now before they increase any further.
6. Home mortgage delinquencies are declining resulting in fewer foreclosures. With fewer foreclosures on the market, the value of available homes will climb. Meaning the price of homes currently on the market will rise.
7. People are starting to get excited about buying homes again. Over the past few years, due to the downward economy and the rise in unemployment, many people were not buying homes. However, now that the economy appears to be stabilizing, many people are beginning to spend money again. This includes buying a home. An instant demand is being created because of the sheer number of people who were not spending money are now going out in droves to purchase a home.