According to real estate analyst John Burns, the best time to purchase property is NOW! While affordability has been consistently increasing in the last two years, it is now at the highest it’s been in the last 30 years. Burns believes the housing market is in the beginning stages of recovery and downside risk is very low. Burns also believes the market is approaching its next up cycle.
As mentioned in Nuwire.com: Three factors needed for such a transition include demand, supply and investment. With job demand strengthening, slowly but surely, so are renters acknowledging the benefits in buying, and although new home construction is at an all-time low, so are the mortgage rates and home prices making this a perfect time to invest in property.
As of July 2010, “only boxes that can be checked…are low mortgage rates and affordable homes,” the firm said today, adding that job growth is key to pushing recovery in the housing market forward.
