The End Is Nigh! (The End of the Housing Slump, That Is)
Posted by Lee Cameron on Monday, August 24th, 2009 at 2:19pm. 
Look, up in the sky! Is it a bird? A plane? No it could be our rising real estate market!
Forgive the bad joke, but for those of you who have been waiting for the housing market to hit rock bottom before you look for a new home, that time may be now! Statistics are indicating that not only has the market finally started leveling out, but it even seems to be on the way back up!
For the fourth month in a row, home sales across the nation have gone up at a record rate. With such a large (but steadily shrinking) inventory on the market, prices continue to remain low - for now. Meanwhile, mortgage rates are at historic lows and the first-time home buyer's credit gives you an $8,000 tax credit that can be used on a down payment. Homes haven't been this affordable in nearly 20 years!
But it won't last forever.
With home sales on the rise, the prices will soon start to go up as well. And so will the mortgage rates. And as for that first-time home buyer's program - to qualify for the credit, you have to close on a new home by December 1st of this year. Keeping in mind that it often takes a lot longer to close on a bank-owned home (which make up a great deal of the market, currently), you likely need to start finding that home now if you want to have any chance of making the deadline.
If you have been wanting to buy a new home, don't wait much longer! We're likely in the midst of one of the greatest buying opportunities of our lives and you wouldn't want to miss it!
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