This year may be the end of the housing crash, according to The Wall Street Journal. Seems that housing is again affordable and the bad news isn't so terrible anymore. The current mantra is homes are a good deal. Mood's Analytic's, where income and housing prices are studied, claim houses are more affordable than ever.
Experts are pointing out that housing has dropped so much that the debate of renting versus owning is clear towards homeownership. Timing the real estate market is iffy at best. But when you take a good look at the signs you can see that home buying is becoming more attractive. Home prices have dropped 30% from their high in 2006 based on the S&PCase-Shiller national composite home-price index.
If you have put off buying a home because you were waiting for the best deal now may be the time to launch your search. No matter how affordable prices are remember that buying a home is still likely your largest financial investment. New tightened credit rules may insist on a larger cash payment and insulate you from a possible dip in housing prices.
Even if you've been tracking the real estate market and watching the drops in your neighbor's house that's been on the market for a seemingly endless period of time, call your Realtor. Why? Because he or she will have the inside scoop on your neighbor's house and other deals in the community where you're looking for a home. It's simply a good idea to consult with and use an expert when you're investing a lot of money, time and effort.
Know what's important in your housing needs. Know how much you can really afford to buy. Know your likes and dislikes. You'll probably make some compromises. Keep track of what's important to you by writing down what you hope to find in your next home. Keep the list handy, review and adjust it then be sure to share your detailed list with your Realtor to ensure you're all on the same page.
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