buy a home | Green Real Estate Appraiser

Tag Archives: buy a home

Homebuying: Should You Take The Plunge?

Posted on March 28, 2013 | Leave a comment

Spring is typically the busiest season for homebuying, and this year the housing market is already showing signs of coming back to life.

According to the National Association of Realtors, the median price for U.S. homes was $173,600 in January, the latest month of available data. That’s up 12.5 percent from the same period in 2012, and is the largest year-over-year increase since 2005.

Have questions about the market? Contact the appraisers at www.scappraisals.com

What’s more, even though home prices are beginning to rise, affordability continues to improve — especially for first-time buyers. The NAR’s first-time homebuyer affordability index reached a record high of 127.7 in 2012 (the higher the number, the better). In 2006, at the real-estate market’s peak, the index stood at 71.3.

Low mortgage rates and an improving economy are helping make homebuying more attractive today. Should you take the plunge? Consider the following.

Renting vs. owning

In many areas of the country, it is now cheaper to own a home than it is to rent. But much of that advantage still depends on the size of your down payment, the interest rate you’ll pay on a mortgage and the amount of time you plan to stay put.

Disclaimer: for information and entertainment purposes only

Will 2013 Be the Year to Buy a Home?

Posted on March 7, 2013 | Leave a comment

Bidding wars. Buyers paying cash. Homes selling for more than asking price.

Are we entering another housing bubble? No. But prospective buyers in many markets may be shocked at the competitive nature of the home-buying process these days.

Need an appraisal? Contact the appraisers at: www.scappraisals.com

The number of homes for sale fell to a 13-year low in January, leaving would-be buyers chasing a shrinking supply of homes just before the spring selling season.

“On a national scale, the market is clearly rebounding,” says Greg McBride, senior financial analyst at Bankrate.com. “It’s not that the prices are crazy, but the buyers outnumber the available homes for sale.”

There was an average of 4.8 months of supply of existing homes for sale in the fourth quarter, according to the National Association of Realtors (that is, it would take 4.8 months to sell off the inventory at the current pace).

Six months’ supply is closer to normal, says Celia Chen, a housing economist with Moody’s Analytics, an economic research firm. In 2010, it went as high as 10 months. “Prices are starting to rise as a result of the strong demand relative to low supplies,” says Ms. Chen.

That said, prices still are about 30% below their peak, she says. And the reasons for the slim pickings aren’t good news. Lenders are taking their time putting bank-owned properties on the market, in part to keep prices up.

Plus, prospective sellers are waiting until prices rise before listing their homes for sale. About 11.9 million homeowners are still underwater—that is, they owe more on their mortgage than the home is worth—according to estimates from Moody’s Analytics.

Disclaimer: for information and entertainment purposes only

Tag Archives: buy a home

Homebuying: Should You Take The Plunge?

Will 2013 Be the Year to Buy a Home?

Follow Blog