According to Bloomberg and the Case-Shiller index, home for sale prices have increased for the fifth month in a row. The price index for homes for sale increase 0.4 percent. This is very good news for homeowners who have been trying to sell their home during the recession – they may end up finally seeing that four-letter word in their near future – SOLD.
Reasons for Increase in Sales and Home Prices
For sale homes have been finally selling as people are starting to find new jobs or go back to their prior ones. Not only that, homebuyers will receive a tax credit until April 10, 2010. Current homeowners receive $6,500 and first time homeowners receive $8,000. Along with the current low mortgage rates, this is one of the greatest times to buy.
Homeowners can see the positive shift in the housing market and this is why for sale home prices are starting creep up. Lenders are also seeing the improvement and are starting to raise interest rates accordingly.
Homebuyers Should Act Quickly
This good time to buy for sale homes won’t last long. As things get better with the recovering economy, home prices will likely continue to rise and so will the interest rates. If you are in the market to buy a home, take advantage of the low interest rates, the tax credit and the still low home prices. It’s looking like the housing market is starting to see brighter days ahead!
Photo Courtesy of: Phil Scoville on Flickr
