As the economy improves we see changes in the housing market. The housing market forecast is closely linked to employment growth which has remained steady over the last year. As employment growth continues to increase, the demand for housing increases and house prices as well as appreciation rise.
The current housing environment is moving away from a buyers market. A buyers market occurs when housing supply is greater than demand and prices remain low. House prices have begun appreciating at a faster rate and the median house price is increasing as the demand for new homes increases. This means that consumers have more buying power now then they will a year from now. Don't delay your home purchase!
Mortgage rates are also increasing steadily. While they remain at historic lows, they will continue to rise as economic conditions improve.
The overall message is that NOW is the time to buy. Don't wait and let your buying power erode.