With low housing prices combined with low interest rates, home buying is now more attractive than renting, for those that can make it happen. Prices are expected to flatten out for a bit along with interest rates staying at their near record lows.
Foreclosures will help drive up sales and prices down, thus playing an influential role in 2012. Most analysts say the foreclosure pipeline won’t dry up anytime soon. Home buyers are planning for the long haul. While buying and quickly selling used to be the pattern, it is becoming more common for people to buy their house and hold on to it for a few years, waiting for the market to hopefully make its way back up. Buyers are focusing more on a house that will fit their lifestyle. Not necessarily to make money on the purchase, but to accommodate three children for example and provide a place for the long haul to raise their kids.
