New Article: The State of the Current Housing Market
A new article has been posted on our blog by Dan Moyle:
After close to six years since the housing bubble burst and sent America reeling into a financial meltdown and hundreds of homeowners going into foreclosure daily, the tides have changed and there is some sunshine after the financial hurricane that brought the US economy to its knees.
The current housing market is finally looking up and housing experts say that buying a home may never get any cheaper than this. Their advice: for those who have been sitting on the fence waiting to see which way the wind blows, he/she should climb down that fence and get a mortgage as now is the time to invest in his/her home.
LOW MORTGAGE RATES
The US housing market is offering the lowest mortgage rates in a long time with the latest market figures indicating that one can get a mortgage in the 3-4% range on a 30 year fixed rate. The improvement which has been growing in a slow momentum is mostly attributed to the fact that homeowners are refinancing their loans.
Further, according to Fortune Magazine, current housing market in the US has been bolstered by the foreclosures decline and increase in employment opportunities job. Property prices have come down and mortgages are affordable to several citizens. Hence, home-buyers have an excellent access to mortgages. Additionally, they get their financial status improved and positive gain in credit scores.
THE DEAL NOT HERE FOR LONG
But housing experts say this wind of fortune will not last much longer and the home prices will begin hiking next year. However, before a buyer pulls out his check book as he tries to make the dash before the deal closes, he will need to do his research.
- Firstly, he must know his financial capacity.
- Secondly, he should get an approval from a lender; the lender will help him know just where his money fits in the lending process.
- Lastly, he needs to know what type of loan you want to take. This is especially important since the rates indicated in the current housing market may only be privy to one loan type against another.
KEEPING THE SHIP A FLOAT
With cash-buyers and investors looking to turn properties into rentals helping the recent upsurge in home sales and therefore keeping the recovery of the housing market on course, the prospective buyer has even more incentive to invest in a home now.