After some bad years, the real estate is now coming back to life and we can tell you that the time to buy has arrived. Prices are, currently, near 2003 values, so it’s the ideal time to try to get a good deal and make a move on a property. For now, you can still bargain some great prices and get low mortgage rates. Last year, the number of persons signing new documents and buying real estate rose an average 4 percent, according to the National Association of Realtors. It was the best sign of recovery in two years and a great pointer of initial recovery.
Speaking particularly of Northeastern Pennsylvania, unlike some other areas of the Rust Belt, the local communities of this region are experiencing a modest population increase. That has to do with the influx of people from the New York and New Jersey metropolitan areas. Monroe and Pike counties are even among the fastest growing areas of the entire state.
One of the motives for this population increase might be the fact that more buyers are getting properties as rental investments or as vacation homes for themselves. These decisions are reflecting in the numbers: the sale of vacation homes closer to primary residences grew by 7 percent in 2011 and the stats keep rising.
Right now, some people are doing the right thing, starting to figure out the huge potential of the real estate market. Here’s an example that might change your mind if you’re reluctant about this idea: more than a quarter of all the houses sold last year were investment properties.
And here’s another number! According to a survey made by home builder PulteGroup, 60 percent of people that are currently renting would prefer to own their own homes. Do you feel you’re in this group? We bet you do, especially if you are an “echo boomer”, an adult under 35 years old. This demographic fringe was responsible for 31 percent of last year’s home purchases, says the National Association of Realtors.
So, make that dream happen. Improvement in market conditions mean that you can get a stupendous deal on real estate. There may be no better time than right now.