The housing recovery is well underway. Home prices are rising at the fastest pace in almost seven years, builders are breaking ground on more homes, mortgage rates are at historic lows, and we are approaching the spring buying season. All this points to continued momentum for the housing market.
Thinking about selling your home and not having the results you were expecting ? Maybe thinking about becoming a landlord for the first time ? Even though the housing recovery is underway it might be some time till your home sells or till you can break even. With many home owners being underwater, selling now is selling at a loss.
From February 2012 to February 2013, home prices posted their largest annual appreciation in the past 7 years. This was the largest year over year increase since March 2006. Corelogic, the company that produced the report, mentions that March year over year home prices should stay in line with February's record numbers.
As the American Real Estate Market continues to improve, information about the home buying process is important in getting the best possible deal for your home purchase or home sale. A new buyer or seller sometimes may have outdated information about the real estate market which can hurt them on closing day.
"We started out offering our best and final offer," stated Jon Moorman a software engineer who recently purchased a condo in the Jamaica Plain area of Boston. Previously Moorman began searching for a two bedroom condominium in Cambridge and Somerville. That search ended quickly as numerous home buyers were vying for the limited number of homes in the $300,000 to $500,000 home price range.