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Movement Mortgage     Real Estate & Mortgage News Update:

The housing market continues its robust recovery, and we're being inundated with a term we haven't heard in a while - seller's market. It’s true; our extremely low inventory means that sellers are benefiting from higher prices and shorter time on the market.

However, home prices and mortgage interest rates also remain low. Together, these two factors mean that it’s still a great time to buy a home – if you can find one for sale!

It's a seller's market: Does that mean it's not a good time to buy? The housing market continues its robust recovery, and we're being inundated with a term we haven't heard in a while - seller's market. It’s true; our extremely low inventory means that sellers are benefiting from higher prices and shorter time on the market.

However, home prices and mortgage interest rates also remain low. Together, these two factors mean that it’s still a great time to buy a home – if you can find one for sale.

Home prices are low, but risingHome prices are still 30 percent lower than their peak in June/July 2006. This is great news for today’s buyers, who can buy low and expect their home to increase in value as the market recovery continues.Record-low mortgage interest rates are creeping upwardToday’s mortgage interest rates remain low, but are rising slowly. While experts agree that rates won’t increase significantly this year, it’s important to remember that even a small gain in rates will impact you over the long-term. For example, a single percentage point added to a 30-year, $300,000 loan would add around $3,000 to your annual mortgage payments.

Not sold yet?According to the National Association of REALTORS® (NAR), buying was more affordable than ever in 2012. 2013, NAR predicts, will be the third most affordable year on record. As the market continues to recover and strives for parity, we'll stop breaking records and leave today's high home affordability in the rearview mirror.