Home sales are soaring - is it a good time to buy?
Sales of previously-owned homes in the U.S. rose 24.7 percent between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported last Friday. The percentage increase represented a record and sales volume was also the highest the U.S. has seen since 2006.
A recent MarketWatch article analyzed the current national market and listed a number of important factors consumers should consider when deciding whether this is the right time to buy or to trade-up. Here are the factors that experts say you need to consider:
Interest rates remain near all-time lows
There aren’t many homes for sale
Competition is driving faster sales and higher prices
Where you live and the lifestyle you lead are important
You can find the full report here.
