For home buyers who are looking for a chance to buy low, they may not want to drag their feet too much longer.
“Home prices have probably bottomed in most markets,” David Crowe, chief economist at the National Association of Home Builders, said in an NBC News-hosted Web chat with online visitors last week. “Mortgage rates are not likely to go down much further and will eventually rise as the economy recovers. Home builders are hungry and while you will still have to pay a fair price, you may not get a better bargain than now before all the rest of the demand comes back.”
Crowe says one hurdle that may slow the recovery is the inability for some home buyers to still not be able to qualify for financing due to banks’ tightened underwriting conditions in the last few years.
But in places where the inventory of distressed homes is decreasing and demand is growing because of an improving employment picture, “housing is beginning to see some recovery, prices are picking up, and more building is occurring,” Crowe says.
However, in our area bargains will largely depend on the area and price range, plus careful analysis by professionals! Are you seeing this in your region?
Source: “Housing Economist: Good Time to Get a Bargain,” NBC News (Aug. 17, 2012)