The nation’s housing market seems to be changing everyday, so whether you’re buying or selling a home in the new year, The Washington Post has some advice on developments you should be aware of.
According to the newspaper, 2012 is the year that home prices should finally start to edge higher. Some analysts say that the low interest rates that are helping more buyers qualify for a home loan, paired with rising rent prices, could boost home sales by as much as 5 percent throughout the course of the year.
In addition, the boost in sales could lead to an approximated 2 percent gain in home prices, while new housing starts may grow by an estimated 15 percent.
However, in wake of a halt in foreclosures, the process is expected to start back up in 2012, which could lead to an influx of distressed homes into the market, which could result in another year of depressed prices.
Regardless of housing market trends, there are local housing markets across the country that continue to outperform national averages. Assessing your own personal situation and what’s going on in your area is the best way to come to a decision if it’s time to buy or sell.
Qualifying for a home loan is a major step in your personal finances. Freedom Mortgage is here to keep you up-to-date on the latest tips and tricks of the mortgage industry whether you’re looking to improve your home value or simply make a mortgage rate comparison.
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