If you read any of these posts, you know I am not a Doom and Gloomer.
When you look back at 2013, remember the cries of unemployment and a deficit that could never be resolved. Now, both of those have faded in severity and are improving. Nobody really noticed. Of course, most of us have seen this cycle before. Unfortunately, sometimes we still get caught up in the fear the media throws at us. If we think about it at all, those same fears take place in a cyclical fashion and are alleviated by improved economies which tend to create jobs and add money to our budgets. Even the Federal Reserve has acknowledged improvement.
But I'm about housing. Some think we are in another bubble. I could not disagree more. Even though prices rose too quickly in 2013, there was room for that growth. Rising prices create wealth for homeowners. They use that wealth to improve or move up to a nicer home. That feeds the housing market. Along with the new year came a resurgence in the market. Buyers flocking to limited inventory once again. The difference now is sellers are starting to realize they can do well right now. They can take their equity, buy another home with that great down payment and still lock in an interest rate that is historically very low. It won't be 3 percent but it will still be very good.
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When you look back at all the folks who bought ten years ago, when prices were still "normal", they had payments higher than today. Prices are comparable to back then but interest rates are lower. It is a better bargain to buy today than it was ten years ago. How often can that be said?
