The spring housing market for this year is shaping up to be another doozy for those who want to buy their dream home. This year may be the starkest paradigm of a post-recession reality that is redefining housing as we know it. All the signs are forecasting that homes this season will be much less affordable than the previous year.
The affordability factor is being hit on several fronts. The foreclosure catastrophe is over, but it left behind an entirely new landscape for potential home buyers. Entry-level homes are in short supply because investors bought thousands of entry-level homes during the crisis and turned them into rentals to gain profits. According to the U.S. Census, the number of single-family rentals jumped to more than 15 million, up from about 11 million in 2009.
It has been observed home builders are operating below normal levels because of the higher costs and a lack of labor, and thousands of construction workers have stopped doing business, never to return. Home builders are not paying heed to entry-level homes because the margins are simply too tight. Also, the price for new construction is rising at a higher speed.
Also, the younger group of home buyers is delaying marriage and parenthood, the two important factors for driving home ownership. The potential home buyers today are facing tough new realities. Some houses are clearly overcharged, and renting is still a better financial option in some markets. Competition is tough and buyers have to be ready to pull out all the tricks.
Under such a scenario, home buyers need to take careful steps so that they have best options in front of them. As a home buyer, you need to take help of a professional with vast experience in the housing market. If you are planning to buy a home in San Jose, Cynthia Trinh can be of great help. She is a professional San Jose mortgage expert with good experience in the housing market.
Cynthia Trinh has earned a professional recognition in San Jose mortgage and real estate market. She can help you make the right decision by helping you find one of the best home loans in San Jose. She can help you track the actual current home loan rates available in the market and educate you on various loan options available to suit your needs. Whether you are a first-time buyer, move-up buyer or are planning for retirement, Cynthia Trinh will be the best support possible in San Jose.