Now is the Time to Buy!January 28th, 2013 | Posted by in Real Estate
As recently written on CNN Money, economists say this could finally be the year that housing lifts us out of the doldrums.
“Just over half of economists surveyed by CNNMoney identified a housing recovery as the primary driver of economic growth this year.
Homebuilding activity will likely remain the strongest growing component of the economy in 2013,” said Keith Hembre, chief economist of Nuveen Asset Management. “After several years of excess supply, demand and supply conditions are now in much better balance.”
Home sales rebounded to the strongest level in five years in 2012, as home building bounced back to levels not seen since early in the recession. Near record low mortgage rates, rising home prices and a drop in foreclosures have combined to bring buyers back to the market.
There’s a lot of pent-up demand for housing, and very little supply,” said Celia Chen, housing economist for Moody’s Analytics.
And economists say the tight supply and renewed demand for housing should lead to higher home values — about a 3.7% increase according to the survey.”
What does this mean for the average consumer? Now is the time to buy!
And, after choosing the right house to purchase, the next most important decision is retaining an experienced attorney to help you close the deal. Inevitably issues come up in every real estate transaction that have the potential to kill the deal. Make sure you have the experienced attorneys at Alexander M. Fear, P.C. representing your interests so that you don’t let the house of your dreams get away. Call us today.