Housing Market Rebound: Time to Sell or Buy?

Tips for homeowners and buyers looking to cash in on deals now.
3:00 | 08/10/12

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Transcript for Housing Market Rebound: Time to Sell or Buy?
campaign, and tom, there is big news about a major part of the american economy. Evidence of a slow, but welcome turn around in the housing market after years of falling home prices. Those miracle mortgage rating are help, but why are so many of them out of reach for americans? Tonight, we ask here, how do every day homeowners get their hands on them? Here's abc's bianna golodryga now. Reporter: After years of renting, jorge and christine garcia saved up enough money to qualify for a mortgage and recently purchased this new jersey home, their first, for under $300,000. Just four years ago, it was valued at nearly $400,000. It's a very typical starter home in the area. Reporter: The garcia's real estate agent says business has been booming over the past few months, thanks in part to a surge in clients like jorge and christine. There's a lot of command in the starter market. Reporter: Home prices are finally on the rebound. The most drama irk turnaround has been in cities hit hardest by the crash, like phoenix, las vegas and miami. Still, it's not easy to get a mortgage these days. People who lost their homes or took on a lot of debt cannot qualify for one. While many others can't come up with a down payment. It probably took a year, a lot of research, a lot of time spent looking up and it took awhile. Reporter: And experts say they're seeing more encouraging signs of a recovery from other young prospective buyers. Those who all but gave up looking. We saw families moving back in with their parents. Are we starting to see that slowly reverse? Absolutely. From 2006 to 2011, there was nearly a 50% increase in the number of young adults 35 or older living with fair families. We're seeing now is a huge increase in the same age range buying homes. Wait was worth it. Reporter: The best way to take advantage of the low rates, have all of your paper work together. And you can improve your credit score just by making sure there are no mistakes. No mistakes and you can improve the score? Reporter: Yes. Bianna, thank you. We move to a stark reminder

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