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National home prices continue to surge

Posted on Friday, July 11, 2014 at 9:20:21 AM

Homeownership is a significant financial investment. While affordable residential financing can help keep costs down, buyers still need to make educated decisions in order to balance the expenses.

According to Trulia, asking prices have been increasing across the country faster than personal wages. This past June prices ticked up 8.1 percent on a yearly basis. However, the rate of these gains has slowed over the last twelve months. Between June 2012 and 2013, prices actually climbed 9.5 percent. Even so, the rate of appreciation is outpacing wages in nearly all metropolitan areas measured by Trulia.

In addition, the rapid uptick in home prices has slowed most substantially in California and the Southwest, Trulia explained. This is likely due to the severe recession that took hold there, followed by a sharp recovery. Those ups and downs make for a more volatile housing market.

Given the fluctuations that can make budgeting for homebuying challenging, interested parties should take a few smart steps ahead of time. For example, Investopedia noted that maintenance can become costly if it isn't planned. So, all buyers should pick a property that only needs repairs within their budget. Plus, it may be smart to wait on any large improvements and instead focus on only the essentials.