Housing Market on the Mend
With home sales beginning to perk up and the economy slowly growing, signs seem to be pointing towards a healing housing market. Existing home sales are stable and due to the low amount of homes previously being purchased, home prices have bottomed. Since rental prices have significantly increased, people are beginning to consider these low priced homes and amazingly low rates to purchase the house of their dreams.
With a low supply of homes currently on the market, even a modest increase in the pace of house sales would lead to rising home prices and a boom in residential construction to react to the increase of interested borrowers. Tentative buyers should make the move now before prices and rates begin to rise.