Home Prices Stabilizing, Rising

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For the legions of homeowners out there, watching like hawks as the real estate market appeared to have no bottom, today’s real estate news offers a small modicum of relief as reports indicate the bottom is here and prices are on the way up.

According to a report released by the National Association of Realtors today, median home prices in 74 of 146 metropolitan areas measured for the survey. That’s a considerable increase from the increases seen in only 29 areas last quarter. This price stabilization is owed to a 22 percent decrease in the number of available, pre-owned, homes on the market from a year ago. That, and record low mortgage rates have helped the market discover its bottom.

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Good News for Buyers and Sellers
Potential buyers haven’t missed a friendly market just yet, but the window for scooping up a great house at an incredible price is quickly closing. The good news is the balancing of the market might encourage more sellers to list their property, increasing the supply and keeping prices steady, but still rising. Furthermore, mortgage rates remain historically low. If you’re looking to buy a house, now’s the time. If you’re serious you should start by checking your credit for free – no social security or credit card information needed – at Quizzle.com Not be a shameless self promoter, but in addition to the free credit report and score you’ll receive, the Quizzologists track mortgage rates, provide advice on how you may be able to improve your credit score with an easy to follow action plan tailored to your needs, and recommendations on the types of mortgages for which you are eligible.

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The good news for sellers is clear. The market is stabilizing and the value of your largest investment is hopefully on its way to its former glory. Depending on the market your in, if you’re looking to sell and move, you can now get a more appropriate price on your home and find a great deal on your prospective new home. All in all a real estate market stabilization is good for everyone involved. The Quizzle Wire offers articles and advice on all aspects of home buying and selling. Take a look around and see what you can see. If you have actual questions, the Quizzologists are on hand ready to find you answers. Leave a question here and we’ll respond.