The 2012 housing market closed well. Homes went under contract at an historically-rapid rate, and the momentum has carried forward into 2013. With rates still low and home values still more than 10% off last decade’s peak, today’s home buyers are taking advantage. Opportunities, however, may be dwindling. Home supplies are scarce and, in many U.S. markets, sellers have negotiation leverage over buyers.
The December Pending Home Sales Index forecasts a strong winter and spring housing market season, and the annual average shows-in-statistics that 2012 was, indeed, a good year in housing. Plus, with mortgage rates still low, home supply still scarce, and buyer demand still rising, home prices are expected to rise through 2013 and into 2014. Many experts attribute this to more first time home buyers taking buying homes at a bargain.
Related: Michigan First Time Home Buyer Grant,
Despite rising home prices, however, and the “seller’s market”, today’s home buyers have an interesting opportunity. Low mortgage rates have bolstered buyer’s home purchasing power by 21% as compared to this time last year. For example, if your maximum budget for a home was $400,000, today, that is up to $484,000.
Make the same payment, get the bigger house. Now, that is good news! Get today’s mortgage rates from Riverbank Finance today.
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