Are you wondering if now is a good time to buy a home?
With the recent history of the housing market dive, many waiting to buy a house have hesitancy in buying a new home. The housing market is making (or some would say has made) a comeback all across the United States in the last year. Foreclosures are down and inventory is decreasing in cities, particularly in hip urban communities where multifamily housing is available for a variety of needs. High-rise condos are in demand nationwide.
Hot Markets in Real Estate
Nationwide home values increased 12.3 percent in the second quarter this year compared to the second quarter increase in 2012.
Home values jump up in 2013 YOY!
Low Mortgage Rates
Although we recently saw a jump in mortgage rates, the real headline news is that the rates are still at a historic low point with 30 year at 4.4% and 15 year at 3.44%. The federal reserve is depositing $85 billion dollars each month to mortgage backed securities to help keep the rates low. This is not a guarantee, and at any point the Fed might decide to not keep this heavy investment, at which rate the mortgage rates will rise.
Best time of the year to buy a condo
With the warmer summer months, costs of housing increase and inventory decreases pushing up the cost of housing. As the summer comes to an end, many sellers must price their homes to be competitive to buyers. If the market remains stable, Fall 2013 might be one of the best opportunities to buy a home for several years.
If you are wondering where your city falls in the trends, and if it is a good time to buy, contact your local Highrises.com real estate agent. We are a team of real estate agents who specialize in high-rise living and know where the best properties are for your investments.