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Steve Cohen and Desmond Clark's Weekly Real Estate Market Moment!

by The "Stick With Steve" Team

Why Buy Now?

by Kandace Conn, Team Leader/Transaction Manager

There may have never been a better time in real estate past to purchase a home based on rising rents, list prices and mortgage rates. Below you will read about the reasons that we believe you should buy now.

Starting off, the supply of homes on the market is decreasing. So, with inventory declining, finding your dream home could be more difficult than you expected going forward. Don’t be surprised when there is no longer a huge collection of homes to choose from. But with that being said, the finest homes in the best locations are going to sell first, so you won’t want to miss the chance to get your chance to buy your dream home.

The housing market is slowly but surely picking itself back up, so price increases are on their way. The median price is a record low of $154,600 according to the National Association of Realtors. Many pricing catalogs are reporting that prices will continue to rise, so now is the time to buy.

In this current market, it is less expensive to buy rather than rent. Statistics show rent is supposed to increase by 3.2% on an annual basis. This past year Trulia reported that rents this year have increased by 5.4% instead and are projected to rise by 4% for the next two years. So with home prices being at record low, buying a home is now more within reach for middle income families.

Mortgage rates are at record lows and projected to rise to 4.4% by the end of 2013, which is an increase of roughly one point of what the current rates are. With mortgage rates where they are now, it has helped push housing affordability better. 

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