By Les Christie
Buying a home may never get any cheaper than this. Several housing
experts are predicting that this year will be the last chance for
bargain hunters to cash in on the best deals of the weak housing market.
With home prices down 34% nationally since 2006 and mortgage rates at
historic lows, homes have never been more affordable -- but it won't
stay this way for much longer.
Stuart Hoffman, chief economist for PNC Financial Services, said he
expects home prices to flatten out by the third quarter and start
climbing by next year.
A number of factors will help bolster the housing market, he said,
including a decline in the number of foreclosures and continued job
growth. In addition, homebuyers will have better access to mortgages as
they get their finances in order and improve their credit scores.
"This is a strong indicator that we will start seeing home price
indexes, like the S&P/Case-Shiller, start to report home price
increases this summer," he said.
Prospective homebuyers who've been sitting on the fence shouldn't worry
if they aren't quite ready to make the leap. Analysts are predicting
that the initial price gains will be modest, at least, in most markets. #realestateallaround
Before buying a home, it is important that evaluate your job stability and financial status and how big of a mortgage loan you can really afford to pay back. If your mortgage payments are going up faster than your income, you're just going to rack up a bigger debt or even lose the property in the event of default or foreclosure.
ReplyDeleteRegards,
David from Mybondquotesa.co.za