It’s the Right Time to Buy a Home

It’s the Right Time to Buy a Home

Fortune Magazine published a great article this week talking about how the real estate market is on its way back to recovery and wanted to share it. Signs of Housing Recovery We think it’s a compelling article that supports our belief that it is a great time to purchase a home due to low home prices and historic low mortgage interest rates. While gold or stock options may be appealing, take another look at housing – it may just be the most attractive asset in the American portfolio today.  Here’s why: Home inventory is starting to decline Buying a home is affordable Home Inventory is Starting to Decline According to a three-decade tracking study done by Metrostudy, soon there will be a shortage of homes. Subsequently, there will also be a boost in home prices.  For decades, Metrostudy had inspectors literally drive through 45,000 subdivisions from Baltimore to Sacramento to record whether each lot contained a finished house, one that’s under construction or one that had been sold. They covered 65% of the U.S. housing market. The two most important metrics Metrostudy used to determine whether there is a surplus or shortage are the number of homes that are vacant and for sale in each city, and the number of months it takes to sell them. The results show that there is a reversal of the new-home explosion that caused the housing price decline a few years ago.   There are two factors that are helping the recovery in residential…

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