Why Buying Now is Important

House For SaleIn response to the recovering economy, the housing window is still slowly narrowing as the market continues to experience growth. Thanks to growing home values nationwide coupled with increased sales performance for all property classes (single-family residential, condominium, and residential lots) throughout the nation, homebuyers are entering their search with increasingly optimistic attitudes.

Following are two key metrics that point to a continued positive housing market growth trend:

  • Home values are continuing to appreciate. According to the Zillow, the national Zillow Home Value Index rose in November to $156,200, 0.6 up from October, and leading to a 5.9% rise in 2012 for the National Home Value metric measured by Zillow.
  • Foreclosures and delinquencies are declining. According to the Federal Reserve Bank of New York, the number of homeowners who are 90 days or more behind in their mortgage payments dropped to 5.9% of outstanding loans in the third quarter, down from 6.3% in the previous three months.

Together, these two trends are contributing to a growing purchasing power for consumers and safely steering banks away from the cliff, giving them more room to lend. In a recent Bloomberg interview, Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc., commented, “The housing recovery will kick into a higher gear as the year progresses.” Bloomberg reporters Rich Miller and Shobhana Chandra went on to report, “Rising prices and mortgage rates near a record low in the U.S. are triggering a wave of refinancing, especially bringing relief particularly to distressed homeowners.” An improving housing market will work to quicken the economic recovery, providing the market with a higher purchasing power which, in turn, promotes home-buying.

If you are in the market to purchase a new home, today’s market environment h is very promising and offers many opportunities. Now is the perfect time to buy! I would be glad to help you!

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