Time To Buy? Nadia Thinks So.
Here is an article written by Nadia Osman, who believes now is a great time to buy Orange County Real Estate:
If you’ve been eagerly waiting for a sign that now is the time to purchase a home, consider the following a positive piece of evidence: according to the S&P/Case-Shiller index, U.S. home prices fell 2.6 percent in March, making prices the lowest they have been since 2006. In 20 major cities, home prices fell in March compared to the same month a year previously. And in California, values fell by 4.8 percent in Los Angeles and 2.7 percent in San Diego. This is excellent news for those looking to buy!
Created by economists Karl E. Case and Robert J. Shiller, the S&P/Case-Shiller index is considered an extremely reliable home values indicator, as it compares the latest home sales with previous sales, while accounting for factors like remodeling that effect a sale price over time. That said, this latest report doesn’t reflect recent improvements other reports do, such as rising sales of new and existing homes, the average amount of time a house spends on the market, and a decline in foreclosure and vacancy rates.
The best news is that analysts believe it’s an indicator of growing stability in the housing market. Although the housing market is not back to booming, it’s starting to see gains again. This means that your investment in a home is even more secure. And with mortgage rates at record lows, it’s an even better time to secure the loan necessary to make the first step towards home ownership.
So what does this mean for you? If you’re looking but not yet ready to commit, now may be the perfect time to take the plunge. This excess of supply will not last long, and as the market stabilizes, it’ll be sooner rather than later that the market turns, leaving you wishing you had taken a few Open House tours while you had the chance. Even if you’re just considering buying a home, it’s worth taking a look at what is available on the market. Prices are likely to rebound, so act fast, and you could be living in your dream home for much less than you thought.
Find out more statistics from the S&P/Case-Shiller index in this article from the Los Angeles Times.
Written by Nadia Osman