If you’re looking to move and have the money to buy a home, now may be the time. The housing prices have fallen so low they are now at the level they were at back in 2002. This is, in fact, a new low since that time and is the sharpest downturn since the market started falling a few years ago. Certainly good news for those who want to move.
Experts watching the market have shown that the index has moved down by 4.2% in the first quarter of 2011. This comes after declining almost 4% in the fourth quarter of last year. Overall, the first quarter is down 5.1% from the same time a year ago. Needless to say, this isn’t good news.
Neighborhoods and regions across the country are experiencing the same depreciation. In fact, the index fell in all but one of the 20 metropolitan areas that were tracked. The only area to show any type of gain is our nation’s capital. Washington, DC showed a monthly gain where home prices rose a little over 1% from the same time last year. So, people moving to DC and investing in property may start to see their investment grow in the near future.
But overall, must of the nation is experiencing a double dip in home prices. As the downward spiral continues, we aren’t seeing any relief at all. So, what does this mean for us? Well, if you don’t need to relocate, stay put. And if you’re renting, continue to do so for now.