Have Home Prices Hit Bottom? – Rehoboth Beach Real Estate
With home prices and sales increasing in most regions of the country and Sussex County, it looks as though housing recovery is in full swing. There are more and more housing analysts saying that we have turned the corner. A recent article on money-rates.com explains that now may be the time to act if you are thinking of purchasing a home.
“Right now, conditions for buyers are exceptionally good, because current mortgage rates are at record low levels, and housing prices are still well off their peaks. Already though, recent numbers indicate that housing prices are starting to move. If this continues, mortgage rates might follow. In particular, if lower-end housing prices are now making the strongest gains, people looking to enter the housing market for the first time should prepare to act.”
In a Chicago Sun Times article, co-creator of the Case-Shiller home price index Robert Shiller agreed saying that, even though there are questions economy, “it’s a good time to buy a house”.
Ivy Zelman, chief executive at research firm Zelman & Associates, has also said:
“[Housing] is turning positive and we see the data reflecting that.”
Writing in the Financial Times, Roger Altman, former deputy Treasury secretary, said:
“A turn in the [housing] market is occurring now and it should become a boom by 2015.”
What Does That Mean to You?
If you have been waiting for the bottom in real estate prices, it seems your time may have arrived. As the Money-Rate article concluded:
“The housing market may be better off than people know. As many found out during the housing boom, waiting until everyone knows the market is healthy before you buy can be an expensive proposition.”
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