Housing: Best time to buy in four years

 

I read this article on CNN yesterday, it's interesting to see that home prices are finally easing off a bit.  We've definitely seen a change in eastern NC compared to the last few years.  Enjoy!

 

NEW YORK (CNNMoney.com) -- It may be the best time to buy a house in more than four years.

Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.

The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.

"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."

But DeKaser cautioned that home prices could fall even further.

"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."

 

5 Comments on Housing: Best time to buy in four years

I couldnt agree more! rates are still low and the prices are dropping..why are some houses taking so long to sell? Their not priced properly!

03/05/2008 08:49 PM by Dave Sulvetta - Camden County NJ Realtor (Century 21 Hearst)


It's definitely starting to pick up....It's about time!!!!

03/05/2008 08:56 PM by Maureen Rodriguez (Weichert Realtors)


I agree with the report too, now if we can get more 1st time buyers to start and realize it's the time to buy we all would be a lot happier. We definitely need more reports telling people to buy then talking about doom and gloom things.

03/05/2008 08:58 PM by Christopher Bonta,Realtor/ Integrity and Honesty (The Masiello Group)


I think if you are subscribing to the established rules of buying real estate (including NOT thinking only about short term profit or equity gains) you can do allright in today's market (in my region at least).

 -Mark

03/05/2008 09:02 PM by Mark A. Moore, ABR - Virginia Beach Real Estate (RE/MAX Alliance - REMAX)


Jason you are correct now is a great time to buy a home.

07/14/2008 01:01 PM by Richard Ives (RE/MAX AT HOME)


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Loan Officer: Jason Wade (SMC Home Finance)
Jason Wade
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