After years of home owners being stuck in a home that no longer fits the needs of its owners, conditions are finally becoming more favorable for move-up home buyers…
- The percentage of underwater borrowers has dropped to 14.9% of all active loans nationwide so more home owners can sell without bringing money to the closing table
- Only 5.6% of homes are seriously delinquent on their mortgages, the lowest level since December 2008, creating a good atmosphere for traditional sellers
- Home prices are rising (good for selling current home), but still under levels before 2007 (good for buying next home)
- Interest rates are rising, but still good from a historical perspective
- Supply of homes for sale is low, creating a market good for selling… but inventory is starting to modestly rise, giving more choices for buying
The housing market is the healthiest it has been in years… for those who have been waiting for conditions to improve, the time is now.