According to a recent article posted on CNNMoney, buying a home won’t be getting much cheaper than it is right now.
Several housing experts are predicting that this year will be the last chance for home bargain hunters to cash in on the best real estate deals of the weakened housing market. Low home prices, which have been down 34% nationally since 2006, and low mortgage rates, which we previously shared are at historic lows, make for homes that have never been more affordable and attainable – an equation that will be changing this year.
Chief Economist’s predict to see home prices flattening out by the third quarter of 2012 and prices beginning to climb by next year. Many factors will go into supporting a strengthened housing market, 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.
Homeowners who have been indecisive about choosing to buy shouldn’t feel rushed to make the decision, as initial price gains are expected to be minimal in most markets – but just keep in mind that the slow and steady price increase will be beginning this year.