March 2012 Market Update
Opportunities in the housing market continue to grow for buyers and sellers. Home
affordability, driven mostly by record low interest rates, is among the lowest
it has ever been. According to the National Association of Realtors, and based
on national averages, the payments on a home today represent 12.8% of the median
household income. This is both a good sign for those looking to purchase a home,
and for the economy overall as consumers are keeping more money in their
pockets.If you're a seller, the housing market shows signs of
transitioning from a buyers' market to a more balanced one. This means that home
owners should start to see prices stabilize and begin to grow, presenting more
favorable opportunities for those looking to sell their homes. In regards to the
number of homes on the market, a key indicator of the health of the housing
market, Lawrence Yun, NAR chief economist, said, "The broad inventory condition
can be described as moving into a rough balance, not favoring buyers or
sellers." With continuing job creation, the improving housing sector,
and signs that the banks are beginning to lend more, 2012 looks to offer
promising opportunities to both those looking to buy or sell a
home.
Source: National Association of Realtors