If you're planning on buying a house in the near future, this may not seem like good news, but housing prices are going up and sales are increasing. According to a recent article by CNNMoney, The National Association of Realtors says that the sale of previously-owned homes is 9 percent higher than last year. In 2012, 4.92 million homes were sold.
And they're selling for more. Home prices increased by 12.3 percent over the last year. The median price of housing sales was $173,600, according to CNNMoney. That is the biggest percentage gain since January 2005.
If you were planning on buying a house for dirt cheap, that might not have been the best thing to hear, but I'm choosing to see it a different way. I'm planning on buying my first house this year, and I am thrilled to hear that the market might be turning around.
Before the housing bubble burst, I heard a lot of advice about buying my first home. Many real estate agents I worked with, and my parents, said I should buy a starter home, live in it for five years, and then sell the home and move on to a bigger place. It made sense at the time. I've never liked living somewhere for very long and houses were sold quickly.
Then the housing bubble burst and I got nervous. What if I bought a house and wasn't able to sell it? What if I had to take a low offer and even lost money on the deal? It made the whole process seem more than a little daunting. After all, I've never made such a huge purchase before, I didn't want to lose money because of a housing market I didn't have any control over.
So I took my time buying a house. I've looked for months, turned down a few good deals, mostly because I was nervous about the future. Hearing that the market is picking up again, and that homes are selling for a decent median price, gives me a little more confidence. After all, if I buy a house in the next few months and these trends continue, I might be able to sell my starter home a few years down the line.
Sure I worry that the housing market will never really rebound to what it once was, but I'm more confident about taking the gamble now.
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