Buying a Home Won’t Get Much Cheaper

NEW YORK (CNNMoney) by Les Christie — Buying a home may never get any cheaper than this. Several housing experts are predicting that this year will be the last chance for bargain hunters to cash in on the best deals of the weak housing market.

With home prices down 34% nationally since 2006 and mortgage rates at historic lows, homes have never been more affordable — but it won’t stay this way for much longer.

Stuart Hoffman, chief economist for PNC Financial Services (PNC,Fortune 500), said he expects home prices to flatten out by the third quarter and start climbing by next year.

A number of factors will help bolster the housing market, he said, including a decline in the number of foreclosures and continued job growth. In addition, homebuyers will have better access to mortgages as they get their finances in order and improve their credit scores.

Some economists, like Trulia’s Jed Kolko, expect home prices to pick up even more quickly. Trulia’s data shows that the national average for asking prices already increased 1.4% in the first quarter of 2012, compared with the last three months of 2011.

To read more about the what industry insiders and experts are saying click here for the full CNN article.

About Sutton Lipman

Sutton Lipman Costanza is a native Nashvillian and a second generation REALTOR. She is excited and proud to be a part of The Lipman Group Sotheby’s International Realty team. Sutton graduated with a Bachelor of Arts degree from The George Washington University. Before selling real estate, she worked at Centerstone, a community-based behavioral health care organization in Nashville. In her free time, Sutton enjoys spending time with her family and friends, traveling, practicing Spanish, knitting and playing tennis. sutton.lipman@sothebysrealty.com or 615.438.6149
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