I don’t mind repeating myself when I’ve got good news to share!
According to a report out today from CNNMoney (Home values rise for first time in 5 years), “Home prices hit a bottom and are finally bouncing back.”
Earlier this year, Zillow (a website tracking real estate values) reported that the housing recovery wouldn’t be fully under way until the end of this year. However, in today’s report Zillow’s chief economist Stan Humphries clearly stated that housing values have hit a bottom in the US and the housing recovery is well underway.
It is still expected that there will be another wave of foreclosures hitting the market, but Humphries predicts that the demand is rising to absorb the increase in supply.
Florida is one of several states hit hardest by the housing bust, and currently many cities in our state are included in the list of most affordable places for home buyers. An increase in foreclosure properties hitting the market will cause some impact, but it is now predicted that rather than drive housing values down again, we will see more of a “staircase” effect, with price increases followed by short plateaus.
Interest rates have recently dropped even further…my current buyers are thrilled to be getting quotes of 3.5% from mortgage brokers.
If you’ve been holding off on purchasing your first (or next) home, it’s time to start looking.Google+