3 Reasons Right Now Is The Best Time To Buy A Home

Dated: 06/03/2014

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The advantage is on the buyer side
May 9, 2014 12:13PM
young buyer
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1) Mortgage rates are at six-month lows Mortgage rates in the first week of May fell once again and this time to the lowest level since Nov. 7, 2013. The latest Freddie Mac Primary Mortgage Market Survey recorded an average 30-year, fixed-rate mortgage of 4.21% for the week ending May 8, continuing to fall from 4.29% a week ago, but up from 3.42% a year earlier.“Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter,” Frank Nothaft, vice president and chief economist with Freddie Mac, said

2) Home price growth is slowing According to CoreLogic’s (CLGX) March HPI index, home prices rose year-over-year for 25 months straight in March. Also, existing home inventory is increasing. Home prices nationwide, including distressed sales, grew 11.1% in March from one year prior.   This is not too far off the February 12.2%January 12% and December 11% rise over the past three months, respectively.  Looking ahead, the CoreLogic HPI forecast indicates that home prices, including distressed sales, are projected to increase 0.8% month over month from March 2014 to April 2014 and by 6.7% from March 2014 to March 2015.

3) Most housing markets have recovered Fifty-nine metros have fully recovered from the last housing market crash, and 300 saw year-over-year gains, according to an index of markets put together by the National Association of Home Builders/First American. The nationwide economic score rose slightly to 0.88 from a revised April reading of 0.87. This means that based on current permit, price and employment data, the nationwide average is running at 88% of normal economic and housing activity. The index showed an overall reading of 0.82 a year ago.
"Our builder members tell us they are starting to see more optimism in the field," said NAHB chairman Kevin Kelly, a home builder and developer from Wilmington, Del. "Mortgage rates are low, home prices are affordable and with the harsh winter behind us our latest surveys show builders are feeling more bullish about future sales conditions."
Credit and affordability issues remain, but this may be the best time for the buyer who is on the fence.
   
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1) Mortgage rates are at six-month lows Mortgage rates in the first week of May fell once again and this time to the lowest level since Nov. 7, 2013. The latest Freddie Mac Primary Mortgage Market Survey recorded an average 30-year, fixed-rate mortgage of 4.21% for the week ending May 8, continuing to fall from 4.29% a week ago, but up from 3.42% a year earlier.“Mortgage rates continued moving down following the decline in 10-year Treasury yields after a dismal report on real GDP growth in the first quarter,” Frank Nothaft, vice president and chief economist with Freddie Mac, said.May 9 Source: Freddie Mac
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Jeri Patrick

In today’s complex and difficult real estate market you need a professionals who will do whatever it takes to market and sell your home. Jeri Patrick has a team with an established history of succes....

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