Unless you live under a rock you have heard the good news about the housing market finally starting to rebound from the bubble burst. This means that values are going back up, fewer homes are being foreclosed upon, and builders are planning on kicking new construction into high gear. Unless something major happens in the world, it seems as though 2013 will be a very good year for people looking to sell or buy a home.
People who have been holding on to a home they no longer wanted or needed will be able to breathe a sigh of relief as prices have finally started to go up again. Of course, many of the people who bought at the peak saw their home values decline as much as 30 or 40% will still need to wait it out a little longer before they are able to turn a profit or come close to breaking even.
Sellers who bought years ago or during the crisis will be happy to know that values are once again creeping up by 2-5% depending on the market. One of the main reasons for this is the fact that there are fewer distressed properties on the market. Less house with extreme value means that normal properties will rebound faster. If you need to sell go ahead, but if you can hold off a couple more years you may want to wait until we see values continue to rise.
Okay, so it really isn’t a buyer’s paradise, but it is at least a nice day at the beach. Over the last several years buyers looking for a great value on a distressed property and other undervalued property have had a field day. But buyers looking for good quality turnkey properties have had a hard time finding good properties because many home owners were holding off selling until the market increased.
With the market prices increasing, buyers are able to still find good values on quality properties. Many of these buyers are eager to buy because of the record low interest rates being offered by the lenders. If you are in the need of a home, now is a very good time to get into a house for a decent price with a very good possibility you will see it rise in value over the next 10 – 20 years.
Building a Bright Future
The new home construction forecast for 2013 and 2014 is very bright. Some estimates are saying new home construction in 2013 will rise by 22% and will go up another 30% in 2014. This is great news for people looking to buy a brand new home. The best news is that the values will be what many call “realistic” which means you can get a great home at a reasonable price and you can expect the value to increase over the next 10-20 years.