If you’re on the fence about buying a home, this upcoming year may be the time to hop down and get moving. According to a CNN video featuring Amanda Gengler of Money Magazine, prices are set to stabilize this year, after having dropped 5 or so percent in 2011, but even as they reverse course, they will do so at a very gradual level.
Gengler projects that nearly all of the country’s major metropolitan areas will see a slight uptick in prices, but emphasis on slight – we’re looking at a 0.25 increase for 2012, so you’ll still find some great deals out there.
“If you’re gearing up to buy a home, 2012 will be a great year,” Gengler said in the video. “You have cheap prices, record-low mortgage rates, and in (many) places, very little competition.”
There are a few things to keep in mind, though, according to Gengler: McMansions are out and houses that are well-located near retail corridors are in. Come to think of it, that pretty much describes much of San Francisco’s housing stock, doesn’t it?
You’re also bound to get a great rate in 2012, since economists aren’t expecting rates to go above 5 percent. “Bottom line is,” Gengler said, “if they go up even a little bit, that’s still a great interest rate.”
If you’re planning to put down roots, this is a great time to consider buying. And if you’re considering it, I would love to help you navigate the market. Give me a call!
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners-- and feeds the dreams of those who wish they could live in Tony Bennett's 'City by the Bay.' Call 415-577-0809 or email cblase@paragon-re.com. www.ceceblase.com
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