As home buying season revs up, you may be wondering whether to start your engines or stay parked in neutral. The outlook on housing prices has been like a yo-yo--one day up, the next day down--but as Charles Wallace reports on our sister site Daily Finance, consensus is growing among real estate market watchers that now may finally be the time to buy. Prices are affordable and interest rates remain low--a situation that might not last. So if you've got good credit and the cash for a downpayment, this spring could be your chance to put down roots.
The news has been pretty gloomy on the housing front so far this year: The S&P/Case-Shiller 20-City Home Price Index lost 3.1% in the year ending in January, and other measures were down as well. The Mortgage Bankers Association reported a 1.7% decline in purchase applications this month.
But pundits always tell you to buy at the bottom of a market, so you may be wondering: Is this a good time to purchase a house?
It's hard to get a straight answer to that question. If you ask a real estate agent or a banker, they'll tell you with a smile that it's a great time to buy. Then again, they said the same thing back in 2007.
However, independent analysts now also are saying that the sweet spot for buying may be coming up in the next few months.
Read more at Daily Finance.com.
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