Light at the end of the Tunnel 
According to CNNMoney, Home buying my never be this cheap again.
Bargain hunters are always looking for a steal and according to many housing experts this weak market is ending and they must get off the fence and buy now or lose their opportunity.
Home prices are down 34% from the top of the market and with interest rates at historic lows it has have never been more affordable. They may have been cheaper but rates are at a 40 year low and income when they were cheaper were a lot lower.
It is expected that home prices will flatten out by this years 3rd quarter, and start to climb next year. Homes in the $700,000 and lower are now having multiple offers and are leaving the market within a shorter time than before.
Decline of foreclosures and increasing job growth are a big factor in this change in home climate. Those buyers who had short sales to deal with will have had enough time pass that their FICO scores have gone up to buy again.
As prospective buyers see home prices modestly rising, they will get off the fence and start buying. Investors are buying the foreclosures and fixing them up and flipping them or renting them, since rents have increased, now showing a profit. Home prices are expected to increase by 2-4% next year.
Home ownership is now cheaper than renting so why would you rent, now that we have light at the end of the tunnel.
Contact us at MarleneDietrich@Realtor.com or call 949-400-1021. Visit us at our website www.MarleneDietrichNewportCoastRealtor.com
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