Many renters today are choosing to put off buying a home for several reasons, but statistics show that buying a home might not get any cheaper than it is right now. Experts say that 2012 may bet the last year for buyers to take advantage of the weak housing market and foreclosure influx. According to CNN Money, home prices are down 34% nationally from 2006, and mortgage rates are at an all time low, making it the best year yet to find the bargain deal of a lifetime.
Economists with PNC Financial Services believe that home prices will flatten out by the third quarter of this year, and might begin to climb at the beginning of next year. For the first time in a very long time, home prices in King County rose last month, and have increased significantly in the Seattle city limits. According to the Seattle Pi, the median sale price was $360,000 countrywide in April and was $425,000 in Seattle. Rates have risen 2.9% nationwide, and 10.4% in Seattle alone. There’s something to be said for the Northwest after all. There are several indicators that the housing market is picking up, such as the decline in foreclosures and continued job growth nationwide. Buyers will now have more access to affordable mortgages as they begin to build their credit scores. While some prospective buyers who have been wary might be more willing to follow through because of the all-time low mortgage rates and lower home values, some renters still aren’t in a position to take the next step and will ultimately miss the grace period. For more information on the housing market in the Seattle area, click here.