You can feel it in the local market and now Gallop has backed the “feeling” with its own study: Now is a good time to buy a home!
While the majority ofAmericais split 50/50 on whether housing prices will increase or decrease, the majority definitely agree now is the right time. Here’s a quick chart from he recent findings:
For the full article click here: April 2011 Gallup Poll
This is further evidenced by the current trends chart that can be found on our website here. This information points to 33.3% increase in pendings over the past 15 months.
Couple these findings with the fact that many sellers have continued to find reason to price their home extremely sharp often means:
A. The buyer is getting a tremendous value on a home compared to historical norms
B. The right home at the right price in the right condition and right location may see multiple offers (a silver lining for sellers) but still great news for buyers – the market is forcing sellers to pre-negotiate for you!
Plus the rates just recently dropped again. Buyers if you are on the fence, now is the time to make the move. While prices may hold steady for a while longer, its the interest rate that really effects your mortgage payment. Paying 1, 2 or even 3% more for home is quickly washed out with a 1/2% to 3/4 percent increase in a mortgage rate.