5 reasons it’s still a great time to buy a house | South Salem Real Estate

After years of sluggish sales and false starts, the real estate market is on a tear this summer, with prices posting double-digit gains every consecutive month since April.

Prices have increased so much so quickly in some markets that a few experts are already crying “bubble.” There’s no doubt that the bottom has passed.

Tight inventory and climbing prices have created a seller’s market in most places and realtors are reporting bidding wars in the hottest markets — but that doesn’t mean there’s not opportunity out there for home buyers. “Just because it would have been cheaper to buy a home six months ago, doesn’t mean it’s not a good time to buy one now,” says Trulia housing analyst Jed Kolko.

That’s good news for the 68% of renters surveyed in March by JP Morgan Chase, who said they wanted to buy a home. It may be risky in today’s market for home flippers looking to purchase and sell a home quickly for profit. But for those retail buyers who want to buy and live in a house for five or 10 years, here are five reasons to act now:

1. Home prices are still rising

The massive gains seen over the past few months make it easy to forget that housing only bottomed out last year, hitting its lowest level in March 2012. While recent prices increases aren’t sustainable, there’s plenty of room for home values to climb. Even with four months of improvement, prices remain about 26% below their 2006 peaks.

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