While some homebuyers may have decided to forgo their open house rounds due to financial fears this year, some experts explain that consumers should not over react to market turmoil, according to the Orange County Register.
While it would be difficult to argue that the nation was not still experiencing backlash from the recession, housing – which many experts feel will be vital in a national economic recovery – has been on the mend. For example, foreclosures in California have decreased, as have reports of distressed properties, according to the source. This means more homeowners are able to keep their properties, which could in turn prompt an increase in home prices.
Furthermore, investors are buying up real estate in many areas. Housing affordability and the current demand for rental properties is making it more enticing for entities to buy homes and manage them, the source explains.
Therefore, those hoping to buy should not be deterred. However, they may want to exercise patience in order to get the right deal on the right home, according to the Chicago Tribune.
Home prices may see another dip, but that will eventually be followed by recovery. Homebuyers should ignore national reports of strained housing markets and focus only on the situation in the neighborhood they hope to buy in, and their financial ability to afford a mortgage, according to the source.