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Five reasons to buy a home this year

1. Affordability is better than ever

According to the National Association of Realtors’ housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

John and Julie Chilman, for example, recently have been able to stretch their dollars in the Las Vegas area. The listing price for the five-bedroom home they’re buying was $265,000; they offered $250,000.

“Our Realtor was like ‘Yeah, pipe dream. Like they’re going to take that,’” John Chilman said. “And all they did was counter $255,000… and they’re paying all closing costs.” The home had lingered on the market, and was listed for $310,000 just six months ago, he said.

According to data from earlier this month, prices had fallen 50.7% in Las Vegas from their peak and were about where they were in the second quarter of 2002, according to data from Clear Capital, a real estate valuation and data provider for banks and investment firms.

A recent report from Moody’s Economy.com predicted that house prices will stabilize by the end of this year, even though the Case-Shiller house price index will fall another 11% from the fourth quarter of 2008. By the end of the real-estate downturn, prices will have fallen by double digits, from peak to trough, in almost 62% of the nation’s 381 metro areas, according to the report. In 10% of the areas, declines will be more than 30%.

Not all markets have experienced huge drops, however, so it’s wise to take a look at how far prices have fallen in your area. The Office of Federal Housing Enterprise Oversight’s Web site has a house price calculator that can help. Visit the calculator.

2. You have a large inventory to choose from

In many places it is taking months to sell a home, creating loads of inventory — from new homes to existing homes to foreclosures. Read the Rest of the Story Here…

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