A Healing Housing Market
The headlines this morning all point to good news in the housing market. It's a nice change for the usual doom and gloom we see everyday. But is it just a nice headline or is it true? While spring typically brings blooms and growth in nature, is it also bringing newness to the real estate world?
MSNBC reports a good spring housing market. Digging into data from the National Association of Realtors, it looks like the country is seeing a nice spike in home prices. That's a stark difference from the last few years of sliding values. It's good news for sellers and buyers alike. With values climbing, sellers won't feel like they've lost it all in the housing market. And buyers can still get into the market at reasonable prices and historically low interest rates just as values have begun to climb.
Some of the most-improved markets according to the report include Florida and Wisconsin. the NAR also looked at some of the worst housing markets we've heard about in recent years like California and Arizona, and say tight housing inventories are now leading to bidding wars. That's great news in those markets.
The old adage in real estate is that every market is local, and progress in one area can be viewed against a decline in a nearby community. Just because it's good in Florida doesn't mean the housing market is healing in every town in the Sunshine State. It also means markets like Southwest Michigan - where AmeriFirst Home Mortgage is headquartered - have been seeing growth for longer.
So what does all of this mean for the average home buyer and homeowner? It basically means that the housing market is on track to becoming the stable market we're used to seeing. Falling prices have stabilized in many areas across the country, so homeowners can begin to see some equity build up in their homes. It also means that buyers and potential buyers are at or near the bottom for prices. Basically it's time to buy if you've thought about becoming a home buyer.
Before you go out and start house hunting, it's a good idea to be prepared. Download "The Essential Guide to Buying Your First Home" even if it's not your first house. The free guide covers aspects of home buying from credit scores to down payments and home appraisals. Get prepared to enter this housing market with educational material and a strong idea of what you're in for.
