Experts say now could be a good time to buy a home

Home sales in the West, Midwest and South are seeing a significant spike.
1:24 | 04/13/19

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Transcript for Experts say now could be a good time to buy a home
Back now with your money, and if you are hunting for a house this spring, now may be the time to buy. Bidding wars on the downturn and mortgage rates stalling could mean the chance for a bigger bargain. ABC's Maggie Rulli out to save your money. Reporter: If you were thinking of buying a home, experts say now could be a good time to explore your options. Mortgage rates have pulled back. Unemployment is still low. Household income growth is on the way up. So the landscape is very favorable for home buyers. Reporter: Existing home sales seem to be rebounding strongly. This winter experiencing the largest month to month gains in more than three years. Sales in the northeast are unchanged, but the west, midwest and south all see a significant spike, and in some of the country's hottest markets like San Diego, San Francisco and Boston, there is a decrease in competition between potential home buyers. According to one firm last month, just 16% of offers faced a bidding war. That's down from 61% during the same time last year. Mortgage rates are hovering at a 13-month low. Experts say that's part of what's giving buyers the upper hand. For people that are in the market to buy a home, their buying power will go a lot further now than it did just a few months ago. Reporter: But Tom, for first-time home buyers, some are warning that despite the low mortgage rates, there aren't enough affordable homes to go around, so they say the key is extensive research in the neighborhoods you're interested in, Tom. Maggie Rulli for us tonight.

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