When you are talking about buying a home you may say things like this is the time to buy a home, or wait until the housing bubble bursts. It can be hard to tell if home prices are going up or going down. Many people worry a lot about whether it is the right time to buy. If you are looking for an investment property this may be a bigger concern than if you are looking for a family home. Whichever camp you fall into, in 2013 it seems that things may be looking up when it comes to buying a home.
Are Home Prices Rising or Falling?
When you look at what the money managers out there say about home prices, you may be hearing good things. According to Forbes home prices are pretty steady. There are homes which are getting more expensive. Many of these are new homes and it looks like home builders are on track to start more and more construction. If you are planning to personalize your home by buying a new build, this may be the right time.
On the other hand, the same folks do say that the homes which had become bank owned are now coming back on the market. These homes are on average a lower price. If you are ready to put in some sweat equity in order to increase home value, a bank owned property may be the best deal for you.
Are Home Prices Rising or Falling: The Mortgage Rate Impact
When you talk about home prices, one of the things to consider is mortgage rates. This is brought to a clear point in an article from U.S. News. The folks at this site say that mortgage rates are increasing. This makes it ever more clear to people who plan to buy a home in the next few years, that patience is key when making sure all of their finances are in order before looking for bank approval.
The impact of rising mortgage rates is that people may be waiting to buy. If this is you, be mindful that on the one hand there may be fewer buyers going after the same house, which could lower the price, but on the other hand, there may be more motivated buyers, which could start a bidding war. When you are looking for the right home, keep this in mind, along with your budget, and be ready to make a move when you see the right home.
What This Means for Buyers
Understanding the debate of whether home prices are rising or falling is only part of the battle. You can let this stop you from buying a home, or you can simply move forward. When you are looking for a place to call home, the time to buy your house will be right. You have to make sure that you are financially secure and ready to take on the payments, the maintenance and the joy of home ownership.