Bankrate.com – Polyana de Costa
5 Housing and Mortgage Trends in Spring 2013
Homeowners who endured years of declining home values will discover that the game has changed in their favor.
With low mortgage rates and home prices gaining momentum, an increasing number of buyers are expected to shop for homes this spring. The good news for sellers: The inventory of homes for sale is shrinking, so they have less competition and more control of the situation.
Loan mods: As more distressed homeowners regain equity in coming months, many with high-interest loans will be able to refinance and perhaps cash out some equity. If you fell behind on your mortgage payments, you might get a second chance to modify your loan.
Homebuyers are losing bargaining power as the market shifts in favor of sellers. But home prices remain attractive for the most part, and low mortgage rates should stay on their side for a little longer.
Here are five housing trends you should expect to see this spring.
1) Fewer Options, Higher Prices and Bidding Wars