Thursday, June 13, 2013 08:38 am
HOW ABOUT A HOME?
The crash of the U.S. housing market was no fun for anyone. Foreclosures put millions of people out of their homes and the resulting economic crash was felt around the world. But the bright spot is that home ownership is within reach of more people. Housing prices fell and were followed by interest rates. In Springfield, qualified home buyers can get homes for under market value at an interest rate of between 2.5 and 4 percent. In fact, if you can afford the initial down payment, your monthly mortgage payment can be cheaper than paying rent. The Capital Area Association of REALTORS (CAAR) says home sales have picked up in the region surrounding Springfield, with 1,346 so far this year in comparison to the 1,295 sold at this point in 2012. CAAR covers Sangamon, Menard, Christian and Morgan counties, as well as the northern half of Macoupin County. Homes stay on the market an average of 116 days before being sold, which is a slight increase from 112 days in 2012. Don Cave, president of CAAR, said indicators point to interest rates ticking up soon, meaning potential buyers should lock in low rates now. “Consumers are realizing today’s market conditions represent an ideal time to purchase that dream home,” Cave said.