The current housing market continues to present one of the most affordable times to buy in recent history. However, some would-be buyers remain apprehensive. But as recent trends suggest, those who want to take advantage of these ideal buying conditions need to act quickly or they may miss out on a golden oppurtunity.
Recent reports have suggested home prices and interest rates will rise over the next few years. It is unlikely that borrowing money to purchase a home will be more affordable in the near future than it is today.
Current home prices are also contributing favorably for buyers. As a result of the market corrrection experienced the past few years, home prices have receded to their lowest level in years. However, home prices have begun to stabilize, and are even on the rise in some markets. While home price stabilization is good news for buyers in terms of likely return on their investment, it should also signal some urgency for those who want to get the best price possible.
With many economists predicting slow but steady home appreciation over the next few years and with interest rates likely to rise as well, it would appear first time buyers can't afford to sit the current market out.