With all of the discussions about the low interest rates coupled with the low house prices, a question keeps popping up, “Is this the best time to buy a home?”

The answer to the above question depends on your personal situation, but a better question that may be answerable is, “Is this the CHEAPEST time to buy a house?” According to data and statistics, it very well may be.

Home prices are down across the nation, and still are in many areas of our Baltimore real estate market. Though some areas have retained values better than others, they are still down from their peak. Baltimore foreclosure rates are up, and there was an increase in Baltimore foreclosure filings in February.

That being said, home prices are starting to rise, as we have seen in many areas in my monthly market updates, which compare year-to-year data. Though the amount the analysts expect is minimal (an average of about 2%, per a CNNMoney article,) rising interest rates adding to those price increases would make the same home more expensive.

So, is it the BEST time to buy a house? Maybe.

To find out if it is a good time for YOU to buy a house in Baltimore, please contact me. I’d love to help!