Wall Street Journal: Why It’s Time to Buy?

A great article appeared in the Wall Street Journal this past Saturday that everyone with any interest in purchasing or selling real estate should read. It provides a balanced look and some great tips on how market dynamics lead to a great time to buy.

Here is a quick intro and the link is at the bottom: There are growing indications that it is a good time to buy. Mortgage rates, which fell to 4.55% for the week ending June 2, according to Freddie Mac, are near 50-year lows. Homes have become more affordable than they have been in years: According to Moody’s Analytics, the ratio of home prices to income is now 20.9% lower than the 15-year average through 2010, and 12.5% lower than the 1989-2004 average.

A historic glut of homes, meanwhile, has created a buyer’s market: There were about 15 million vacant homes in the U.S. last year, according to John Burns Real Estate ConsultingInc.—some 3.1 million more than normal.

Article: Why It’s time To Buy

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