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The Housing Cycle
May 23rd, 2012 10:57 AM

Last year, sales were up modestly from 2010, but that was the year most purchases were made by investors for distressed properties.  This past year saw that many households were now getting into the market and for all the right reasons. This year is continuing through that new cycle. 

Current buyers are either seeking a different home or another neighborhood, instead of buying just so they can flip the house at the first sign of a market change.  These buyers are getting in at the low point of the housing cycle, so they will have meaningful wealth gains over the next few years and into the future.  Many younger buyers are getting into the market, too, now that prices are more affordable and credit is available for first time home buyers who qualify.

Home prices will continue a slow gradual climb so now is a great time to buy. Inventory is declining due to distressed homes being sold to investors, but today's buyers have qualifying incomes, that are well below the median incomes, for those homes currently on the market. This is good news as now home buyers can generally stay well within their means and a balanced market condition results. 

We have been through some tough housing cycles, but the current one is quite favorable to any buyer!

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Posted by Barbara Doeringer on May 23rd, 2012 10:57 AMPost a Comment

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