Market conditions ripe for buyers

Multiple reports and forecasts suggest than buying a home in 2012 might be a good idea, as market conditions have made the investment the most affordable it has been in over a decade, according to MarketWatch.

Multiple reports and forecasts suggest than buying a home in 2012 might be a good idea, as market conditions have made the investment the most affordable it has been in over a decade, according to MarketWatch.

Mortgage rates continue to hover near all-time lows, while home prices become more affordable as the months go on. As a result, a recent poll by Freddie Mac indicates that 71 percent of respondent believe that beginning of 2012 is a good time to buy a home, while only 11 percent feel that conditions are right for selling.

However, MarketWatch reports that even though home prices have allowed more prospective homebuyers into the market, many of them may still be hesitant about diving into the market.

"For people to start buying in larger volume, they need to see home prices go up a bit," Local Market Monitor president Ingo Winzer told the news source.

Although there may be some hesitation among potential buyers, an additional survey from the National Association of Realtors recently reported that the number of improving individual housing market increased to 76 in January from 41 in December. In addition, due to improving property data, Freddie also anticipates the sales rate of existing homes to rise 2 to 5 percent during the course of the year.



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