Three housing market trends for spring 2012
Posted on Wednesday, April 18, 2012 at 5:29:06 PM
Whether you are on the lookout for your first home or already own a property, there are a number of housing trends sweeping the market across the United States. Some of them relate to home financing for a new property while others involve projected home improvements over the course of the next year.
Here are three housing market trends expected for spring 2012:
1. Rising mortgage rates. The recent historically low interest rates have hit bottom, and now the only way to go is up. The Mortgage Bankers Association’s latest prediction indicates the rate of a 30-year fixed mortgage will average approximately 4.3 percent in the second quarter of 2011.
2. More home improvements. According to Principia, an estimated 38 percent of homeowners expect to spend "somewhat more" or "a lot more" on property improvements over the course of 2012 when compared to 2011.
3. Increased home sales. The combination of low mortgage rates, decreased housing prices, rising rents and improving job outlook have caused many people to consider buying a home.