It looks like the end of the nation’s housing crisis could be in sight. A new Reuters’ survey of the nation’s leading economists found most seeing light at the end of what has been a long, dark tunnel. The S&P/Case-Shiller 20-city home price index used to predict housing trends is expected to remain unchanged through the end of the year, reflecting the stabilization of the nation’s housing market. But in 2013, economists are predicting that home prices will begin to rise for the first time in 7 years.
Not only are economists bullish about America’s housing market, but their faith seems to be increasing. When surveyed In January, economists predicted a 1.5% increase in the 2013 home price index. In the most recent survey, economists upped their estimate, predicting a 2.0% increase in next year’s home price index. Destin real estate agents and their peers across the country are already seeing a return to better times as the spring real estate market heats up. In a March poll of National Association of Realtors members, real estate agents and brokers reported declining inventories and stabilizing prices across the board with rising prices in several markets where demand is outpacing availability.
With 30-year mortgage rates dipping below 4% in many markets, experienced South Walton Realtors are recommending that buyers act now. As national housing prices continue to stabilize and recovery of the housing market becomes more robust, both mortgage rates are expected to start rising again. Both housing prices and mortgage rates are as low as they are going to go. Waiting longer is going to start costing buyers more.