Top three housing trends for spring 2012
Posted on Monday, April 30, 2012 at 6:44:39 PM
Test the waters of the housing market this spring by researching how national trends are faring in your local area. Real estate experts are urging homeowners to buy before mortgage rates and home prices go up and residential financing becomes harder to attain.
Here are three housing trends for spring 2012:
1. Mortgage rates will rise. The historically low mortgage rates experienced in the past three months can’t stay that way forever. According to the Mortgage Bankers Association’s latest forecast, 30-year fixed mortgages will average about 4.3 percent in the second quarter of 2012.
2. Increased inventory. Delayed foreclosure processing and new home construction has led to an increased number of properties on the market. This will slow the progression of rising home prices in some metro areas and result in a buyer’s market.
3. Quick purchase decisions. Soon, potential homebuyers will no longer be able to spend a week weighing the pros and cons of a property. If a person likes the house they see, a quick offer will need to be made.
"We're starting to pick up on the purchase side," Ed Conarchy, a mortgage planner, told the news source. "I don't think you'll go back to (the home purchase activity we had in) '06 anytime soon, but this is the best that we have seen in a while."