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Area Housing Market Sees Improvement
Posted on: 07/10/2013
By  Andy Rex
 
One of the last parts of the economy to see much improvement has been the housing market. But it's starting to come back, both nationally and locally.  

WMOA News spoke with Jesse Joseph of Real Living McCarthy Real Estate.
 
“The most recent (report) we received from is for the month of May.  The National Association of Realtors said home sales are up 4.2 percent from April to May.  Within the last year, since May 2012, they’ve gone up almost 13 percent.  You can tell by the base of people calling into offices and going to see homes.”
 
Not only are home sales up, but Joseph says prices are starting to rebound, too.
 
“Since January, the average price of a home – at least in Washington County – is around $132,000.  That’s selling.  What we’re listing at, that average now is in the mid-160’s.  Even if they go down a little bit, it’s still improving.  All of the research the national association sends out is telling us that nationally, home prices are going back up as well.”
 
And he says with more houses coming on the market, you’ll want to shop around – but make sure you can afford what you’re looking at.

“Number one, talk to a bank to see how much you know you can afford.  If you can get approved for a loan of $150,000, there’s no sense at looking at a $225,000 house.  It’s not going to happen.  To make it easier on yourself, and try to keep the headaches of home-buying, the hassle, and the stress level down, talk to the bank and see how much you can afford.  Let your real estate agent know that.  Give them a ballpark of what you want to spend and what type of house you want.”
 
If you’re looking into buying a house now, Joseph says to act while interest rates are still very low. They are also beginning to rise slightly.   
 
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