Chicago, IL (PRWEB) March 05, 2013
The housing downturn led to many Americans being underwater on their mortgage and losing their homes as a result of foreclosures, but recent reports show that many markets are coming back with strong numbers. The Federal Savings Bank explains that the recent rise is due to buyers bidding up prices due to low inventory and low mortgage rates.
First-time homebuyers and veterans of the homebuying process have recently contributed to improvements seen in the hardest hit housing markets. Among the markets seeing improvements are Phoenix; Sacramento, California; Detroit; and Las Vegas. Phoenix saw the largest percentage of growth in home prices during January, according to a monthly Property Intelligence Report from DataQuick, one of the leading providers of real estate information solutions in the country.
There were 13 housing markets that were included in the list of markets that are experiencing a rebound in home price growth for January. All 13 of the markets had growth rates that ranged from 9 to 24 percent, all well above the long-term home price growth rate.
Now that prices have been increasing for several months buyers have stepped in as values property values rise on momentum. Nick, a banker at The Federal Savings Bank said "we are receiving a large amount of home loan applications, buyers want in as they fear prices will continue higher." Nick, may be right, home prices have been rising throughout 2012 with only a few small monthly setbacks. Now is the time to apply for a mortgage given decade low rates are available throughout many states.
With more Americans being put back to work, homeownership has become just as affordable or even less expensive than renting. Now, homeowners are even able to afford renovating their homes for the spring, which could further increase property values.
Spring trends for homes
As homeowners look for ways to spruce up their homes for the springtime, painting rooms in the house to brighter colors or accenting furniture with items that bring out the color in the room is suggested. First-time homebuyers eager to bid on sweet low prices deals are encouraged by The Federal Savings Bank encourages potential buyers to get pre-qualified for a mortgage. "Many attractive listings still exist, even as prices rise, it's important that a buyer is ready to bid seriously when he/she sees the property desired," says Nick from the bank. For more information on getting pre-qualified for your mortgage to get active in the housing market visit: TheFederalSavingsBank.com