Midwest Real Estate Data

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Housing Trends

December 2018

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Will There Ever Be a Better Time To Buy Real Estate In Our Lifetime?

When is bottom bottom?

-When a family earning the national median income of $53,182 can afford nearly 75% of the current homes for sale (realtor.com)?

-When pending home resales have gone up for the 5th month in a row? As in June which rose almost 4%. This is the longest increase in pending home resales streak since 2003.

Pending resales are considered a leading indicator because they track contract signings.

The most recent June report shows all four corners of the country saw an increase in pending sales. 7.1 percent gain in the South and a 2.9 percent increase in the West.

Well, historically low interest rates are making homes very affordable.
Which begs the question. Is this bottom?

But Does it matter?

Some would argue that homes are affordable for the first time in years, and just like you do not know if it is a recession until a year later, You won't know we hit bottom until prices rise.

And that of course is too late. Unless you are one of those who bought a home.

And while you are waiting for the price to go up. Either now or later, you can turn your house into your home. And that is really the reason to buy now.

Source: Tim O'Keefe runs search marketing firm Spider Juice Technologies and supports Positive real estate as a way to give back to the real estate industry.