People Looking for Conventional Mortgage Need to Purchase Now Before Prices Rise

by Aiman Abozeid on March 8, 2013 · 0 comments

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The real estate bust of the past few years filled the headlines with lots of bad news. Foreclosures, dropping property values and homes selling at a terribly slow pace did not help the general economy. However, the past few months have shown that the market is definitely improving. People with strong credit and the desire to purchase a home need to buy before the prices climb much further.

New Sales Record

In January of 2013 a total of 437,000 new construction homes were sold. This is 16% higher than new construction homes sold for December of 2012 and even more important it is 29% higher than January 2012.  This represents the most sales in a month since the month of August in 2008. What makes this so special is that it beat all months from 2009-2010 when the home tax credit was in full force.

While this is obviously good news for the general economy, it could be an issue for people who wait on the fence about buying a home. The number of homes available is dwindling while demand for homes continues a small but steady increase. These two factors will push home prices up for the remainder of the year and possibly in to next year.

Spring Usually Signals the Selling Period

As March continues on and the month of April approaches, most people begin their spring cleaning and home improvements. This is also the beginning for the best real estate time of the year. Most people that have children like to buy and sell a home during the summer in case there is a school change. It is also easier to move when the weather is more agreeable.

If you have considered buying a home this really is a great time to purchase. The strengthening economy will result in your home appreciating in value as soon as you buy and you will have a great, long term rate that may not be witnessed again in the near future.

If you would like to see if you qualify for a conventional mortgage, contact me below or apply online.

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