There’s been a lot of talk lately about the housing market and whether another bubble is forming. Some say yes, we are headed into another bubble that will likely burst, while others have a more positive outlook on the current housing situation. Whether you are looking to purchase a house this month, next year, or in the next 5 years, it’s a good idea to keep an eye on the housing market in your area.
This post features a roundup of recent articles outlining some positive statistics on the homebuying market.
Here’s the Good News on the Housing Market
- Do you owe more on your mortgage than your home is worth? For those homeowners who are underwater, there is hope: 850,000 homeowners are no longer underwater due to the improving housing market, reports Credit.com.
- Many argue that now is the time to buy, but it’s not the best time to sell, resulting in fewer choices. This trend appears to be driving up new home construction. The National Association of Home Builders reports builder confidence is rising.
- Housing inventory is on the rise, but still lower than last year, according to the latest report by Zillow.
- Is the McMansion back for good? CNN reports that the average square footage for new homes is on the rise.
- Mixed news on foreclosures: AOL reports that foreclosures are on the rise. But there is a silver lining — more homes will be on the market, increasing inventory and pushing home prices higher.
- Rising home prices are building back equity in older American’s homes. Read the full article here.
Keep in mind that each city, county and state will have markets on slightly different paths. It would be best to consult with a VA specialized real estate agent in your area to learn about specific market trends. If you would like to get paired with a VA specialized agent in your area get in touch with Veterans United Realty.
If you have any questions about obtaining a VA home loan for a purchase or refinance, please don’t hesitate to call 1-855-870-8845 or email me directly at firstname.lastname@example.org.
Photo Courtesy D H Wright