Owning a home is more affordable now than at any time in the previous 15 years, and in many places it's cheaper than renting.
We've heard this before, but it's worth repeating.
Both home prices and mortgage rates are so low that jumping into the market right now seems a no brainer.
It's a double edged sword, however.
As the economy stumbles along, buying, for many - mostly for people working in sectors where job security is questionable - isn't an option. They either cannot get a loan, or aren't willing to buy.
The many who are skeptical about the country's economic future have stayed out of the real estate race as well. They are opting instead to rent, which has squeezed and pushed up prices in the rental market.
That means those who can afford it, and are willing to take the plunge, will find a veritable bargain barn of super deals.
Affordability could continue to improve as prices slide even lower in coming months, according to an article in the Wall Street Journal.
"Price declines are likely because the share of "distressed" sales, including bank-owned foreclosures, tend to rise in the winter, when traditional sales activity cools. Banks are often much quicker to cut prices to unload properties quickly, which means that the greater the share of "distressed" sales, the more prices tend to fall," according to the article.
Read it here: http://online.wsj.com/article/SB10001424052970203764804577060502694077494.html?mod=wsj_share_tweet
Agent Keller Williams Coeur d'Alene