Its a great time to sell and a great time to buy . As you will see from the
article below with interest rates hitting their lowest level this year
and sellers motivation higher to sell so they can cash in on these new
low mortgage rates . Its time to rethink the question is it a good time to buy !it is a great time to buy!
A housing slowdown is scary, but cause for concern?
WASHINGTON – May 13, 2014 – Home sales and housing starts have
weakened in recent months, at a time when many in the industry had
expected a seasonal pick-up. Federal Reserve Chair Janet Yellen told
Congress last week that the recent housing slowdown "could prove more
protracted" than expected, particularly with sluggish household
formation from young adults who are grappling with large student debt
and living with their parents to cut costs.
"My expectation is that as the job market strengthens … we'll see
household formation pick up, but it's hard to know here what exactly the
new normal is," Yellen told the Joint Economic Committee last week.
Indeed, 423,000 new households formed in the 12 months ending in March
compared to an average of 1.3 million a year from 2002 to 2006,
according to Census Bureau data.
Forty of the top economists recently surveyed by USA Today say that
while they are more concerned about the housing recovery than they were
six months ago, they do not expect the rebound – which started in 2011 –
to reverse course. The majority said they expect housing's turnaround
to be more gradual in 2014.
Stuart Hoffman, PNC Financial Services Group economist, told USA
Today he expects housing to make up some ground this year as job growth
allows more buyers to qualify for loans.
"Credit availability is key for the continued housing recovery,"
write economists Hui Shan and Eli Hackel in a recent Goldman Sachs
report. The economists note in the report that measures – such as credit
scores, product choices, income-verification levels – have made lending
standards "exceedingly tight." They estimate that around half of the
decline in the household turnover rate between 2001 and 2012 is due to
tighter lending standards; the other half of the decline is from
demographic changes or cyclical changes.
Source: "Housing's Sagging Rebound Worries Economists," USA Today
(May 8, 2014) and "Yellen Offers Upbeat Outlook, but Points to Housing
Risk," The Wall Street Journal (May 7, 2014)