“Buying a home cannot get any cheaper than it is right now.” Headlines like this will not be as frequent in the year to come according to predictions made by housing experts. Housing prices are down 34% nationally since 2006. Chief economist for PNC Financial Services expects these historical rates to flatten by the third quarter of this year.
REASONS:
- Decline in Foreclosures: The process is being streamlined and buyers are getting less trigger shy with snagging foreclosures up.
- Job Growth: Rising unemployment rates increase the confidence in the economic market as well as the housing market. This translated as more aggressive and determined buyers are looking to buy.
- Better Access to Mortgages: Costco is even into the mortgage game!
- Basic Supply/Demand: Buying is cheaper than renting. Listings are not staying on the market. Demand is spiking and the supply is dwindling.
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