The start of the year is probably the best time to purchase a house. For those who are interested in having their own home or are keen to become a real estate investor, the condition of the market favors them more than ever.
Housing is on the mend, regardless of the pessimistic claims of some. It is true that it is still in poor condition, but signs are there that it is slowly climbing out of trouble. For buyers, the timing is just right to take advantage of the bargain foreclosure homes that are still available.
Reasons to Buy
There are several arguments in support of home buying at this time. First, houses are being sold at very low prices. The median sales price of existing dwellings declined by 3.9% during 2011, returning to the level of prices last seen in 2002. Bargain opportunities have never been this good for buyers.
Second, mortgage rates have remained low. Despite inching a bit higher in the third week of January, they are still near historic lows. Third, supply is abundant. Although housing starts posted lower than expected numbers in December 2011, there are a lot of foreclosed homes for sale available so choices are still varied and extensive.
Waiting Game Over
The housing sector is already hitting bottom and once it sinks to its lowest level, it will then start to move up and return to normal. By that time, prices of houses will likely start to rise and there will be less bargain deals to be had.
With home buying activities already picking up and investors already putting their bets on housing stocks, those who are still reluctant to enter the home buying market should make a decision now. The prices of residential properties have never been this favorable to buyers and they should take advantage of the opportunity before it disappears.
Most Active Cities
- Miami, FL
- Brooklyn, NY
- Houston, TX
- Chicago, IL
- Los Angeles, CA
- San Antonio, TX
- Jacksonville, FL
- Bronx, NY
- San Jose, CA
- Tampa, FL
- Orlando, FL
- Detroit, MI
- Dallas, TX
- Indianapolis, IN
- Phoenix, AZ
- Fort Lauderdale, FL
- Philadelphia, PA
- San Diego, CA
- Atlanta, GA
- Fort Worth, TX
- Las Vegas, NV
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