Is 2012 a Good Year to Buy a House?

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Doctors Appreciating the Reasons of Home Ownership

[By staff reporters]

There may be several reasons for a medical professional to buy a home. For example, you’re ready to practice and commit to a certain area and call it home. You’re ready to make a financial investment, or housing prices have dropped to an affordable level and the market is highly favorable for home buyers.

Rule of Thumb

But, how do you tell if it’s a buyer’s market? In a buyer’s market, the price of a home will be under 20 times a year’s worth of rent for an equivalent home. If the price of a home is more than 20 times the annual rent, it’s generally better to rent.

Current Climate

Today’s housing climate is better for home buyers. The average price of homes for sale in the US is currently around 19 times the average annual rent. The general housing climate is much friendlier than a few years ago, but still fluctuates greatly depending on your specific location. Some of the buyer’s markets in 2011 were Charlotte, Inland Empire, Phoenix, Raleigh, Sacramento, San Diego and San Jose.

Source: www.SeaHomes.com

Assessment

The decision to buy or rent also depends on your lifestyle and long-term goals. 2011 saw a resurgence in buyer’s markets across the country and that trend is likely to continue for the foreseeable future. It’s true that housing markets will fluctuate from year-to-year, but owning property usually remains a wise investment over time.

Conclusion

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3 Responses

  1. You bet it is!

    Average U.S. rates on 30-year and 15-year fixed mortgages just fell to fresh record lows for the sixth straight week.

    http://www.abc15.com/dpp/news/national/ready-to-buy-a-home-mortgage-rates-drop-to-record-low#ixzz1xCCRraiU

    Cheap mortgages continue to help boost prospects for home sales this year.

    Dr. Wm. Stevers

    Like

  2. Number of improving markets drops 20%

    Dr. Stevers – The volatility of the improving-markets index points up the uncertainty in the housing sector.

    http://realestate.msn.com/blogs/listedblogpost.aspx?post=bcfc7fa4-b972-41b2-b287-bf40c7026f94

    And, most major cities still don’t make the list.

    Ralph

    Like

  3. Home as Castle?
    [Maybe not]

    Almost half of Americans have buyer’s remorse about their house.

    http://www.msn.com/en-us/money/realestate/almost-half-of-americans-have-buyers-remorse-about-their-house/ar-BBEAMSV?li=BBnbfcL

    Fred

    Like

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