With the new year ahead of us, we can now look back at 2012 and note that it was a great year for buyers. Data from last year shows that it was a favorable year for buyers who were able to obtain a mortgage, according to the National Association of Realtors. Towards the end of 2012, many buyers thought that the value of homes had hit bottom, many thought the low interest rates would soon rise and therefore decided it was the time to buy a home. There was a rise in the number of buyers and a fall in the amount of homes available for sale which led to a price increase and some biding wars in many markets.
NAR’s Chief Economist predicts that “2013 likely will be the third best on record in terms of household buying power.” That’s good news for those buyers who didn’t act in 2012. Interest rates are still relatively low but prices are rising and inventory has dropped, so buyers should start their search and find the home they’ve been yearning for. If you are a buyer and would like to buy, give us a call. We are ready to guide you and help you find the perfect home!