Buy, Buy, Buy: Even More Great News For Today’s Homebuyers

The market may go lower and this may be a great time to rent with interest rates starting to climb, but according to this information, it may be time for you to buy a home!

In my previous blog post on May 27, 2009, I told you why this year could be a great one to buy a home thanks to The American Recovery and Reinvestment Act of 2009 and an increase in home buyer credit. But, a new report from IHS Global Insight says that the average U.S. home is now undervalued by 12.2 percent, which makes it even a more opportune times for buying!

Cities once considered “bubble markets” now contain houses priced well below normal — undervalued betwee
30 and 40 percent.

The most undervalued area in the country is Vero Beach, Florida, undervalued by 42.5 percent! Other cities with home prices below expected include Las Vegas, NV, Cape Coral, FL, Houston, TX, and Vallejo, CA. As for NYC, the median home price is still just about right (same goes for LA and Chicago).

So if you’re looking for affordability and availability, this may be the time for you! For a list of the 10 most undervalued cities or more information on House Prices in America, check out IHS Global Insight.

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