Word has it that for the second week in a row, mortgage applications are increasing in numbers. Does this mean the housing depression is over? Probably not.
It more likely signifies that buyers know a good deal when they see one. Prices are down, so buyers can snap up the bargains. Therefore, even if mortgage applications continue to increase in volume, its possible that housing prices could refrain from rising as well. They may even continue to fall!
While my wife and I are moving next month, we decided to rent for another year before buying a home. The market is too uncertain, and our plans involve living in a new city for at least three years, but we're uncertain about what comes after that. With that much uncertainty, renting is a safer bet in my humble opinion.
It more likely signifies that buyers know a good deal when they see one. Prices are down, so buyers can snap up the bargains. Therefore, even if mortgage applications continue to increase in volume, its possible that housing prices could refrain from rising as well. They may even continue to fall!
While my wife and I are moving next month, we decided to rent for another year before buying a home. The market is too uncertain, and our plans involve living in a new city for at least three years, but we're uncertain about what comes after that. With that much uncertainty, renting is a safer bet in my humble opinion.