Over the past few months there have been many signals that the housing market is heating up once again. We have seen an increase in home prices, a drop in forclosures, an increase in sales of both new and previously owned homes, and an increasing mortgage rate. Homebuilders are actually suffering from a shortage of workers due to increasing demand for new homes. All of these signs point to a recovering, healthy market.
Our national economy is emerging from the recession we suffered four years ago, which is driving the increase in activity and boosting mortgage rates. Rates and home prices are still fairly low, and it is unlikely we will see them this low again anytime soon. So now would still be an excellent time to purchase a home.