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Sunday, October 1, 2023

Now may be the time to buy that new home


Several leading economists have recently shared optimistic outlooks on the housing market and predicted a quicker-than-expected recovery.

Lawrence Yun, chief economist at the National Association of Realtors, said that by this time next year, he expects to see as much as a 10 percent jump in house prices, and for new home starts to jump by 70 to 80 percent. A recent survey conducted by Harvard University researchers also states that the U.S. housing market has reached bottom, and will start to recover this year.

Typically after the market bottoms out, a rapid recovery is expected. This time, that did not occur. Following a multiyear bottom, the housing market stayed stagnant until this year. Recent increase in home sales, coupled with low inventories of available properties and rising rents point to a turnaround in housing prices.  Housing inventories have recently fallen to 50-year lows, which will start to push prices back up. While the foreclosure inventory may still be high, it is much better than in past years.

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With long term interest rates at or near record lows, and home affordability at attractive levels, now may be the perfect time to purchase a new home. Potential buyers should always get pre-approved for a mortgage loan prior to beginning their home search.

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Kris Patras
Kris Patrashttp://banknaperville.com
Kris Patras is the Mortgage Loan Consultant at the Downtown Naperville Bank & Trust location, for more information contact her at KPatras@wintrustmortgage.com or (630) 244-2058.


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