In the wake of the housing market collapse, a number of prospective buyers put their dreams of homeownership on hold. However, 2013 could be the year to pull the trigger and finally purchase property.
Home prices increased significantly so far this year, and are expected to keep doing so in the near future, according to a report from the Wall Street Journal. Although this may make the prospect of buying a home mortgage expensive, mortgage rates are near all-time lows as 2012 ends, which could make a transaction a very real options for many consumers.
"We think the answer, definitively, is that home prices have bottomed," real estate expert Stan Humphries told the newspaper. "Right now, buying looks very attractive, even for short-term time horizons."
Although conditions weigh in favor of buyers, due to strict lending standards, mortgage records show borrowers with the strongest credit scores and largest down payments still obtain the best terms when it comes to their mortgages.
Luckily, the recent implementation of QE3 by the Federal Reserve is expected to hold mortgage rates near current levels until at least 2015. This could give borrowers who still need to get their finances in order ample time to do so.