Spring has officially sprung and warmer weather will most likely bring a long anticipated increase for the housing market, which was stifled by extreme winter weather catching most of the nation's meteorologists off-guard.
The National Association of Realtors announced that the difficult winter weather, tight credit and a few other factors were related to the downturn over the winter months, but weren't totally unexpected. While housing remained stagnant throughout February, things are looking up with building permits increasing showing us that the future of housing is going up, up and up!
Better readings are anticipated in future housing reports, as the weather becomes milder around the nation.
Housing Out of Reach for First-timers?
While it may seem that Buying your first Home in Independence could be difficult due to rising home prices and tighter lending requirements. While the number of first time home buyer purchases was down in Jan. there is still hope as more homes come on the market, but the NAR admits that there maybe a shortage of moderately priced homes in which these first time home buyers would be interested. This tells us that it's definitely a sellers market today.
Prices on the Rise
U.S. home values continue to rise as Buying your first Home in Independence means buyers are competing for a limited supply of properties for sale. Prices climbed 12% in January from a year earlier, the twenty-third consecutive gain according to California-based CoreLogic Inc.
Analysts assert that there aren't enough homes on the market, with recovery efforts since 2008's housing bubble focusing too much on the financing side, and not enough on the physical side. Conditions could improve as building permits are approved and housing starts slowly pick up the pace.
The Bottom Line
Home loan rates remain attractive compared to historical rates. If you have any questions about your personal situation or would like to inquire about housing and home loans for Buying your first Home in Independence. please don't hesitate to contact Darren Copeland by phone (816) 268-4025 or by email.