April showers bring May flowers – but do we have any idea of what spring will bring to the housing market? Due to cancelations of the tax credit programs and programs that have kept mortgage rates low, the Star Tribune reports some dark predictions:
“I think we’ll be bumping along the bottom,” predicts Minneapolis-based Wells Fargo economist Scott Anderson. Anderson said expiration of the programs could slow sales activity, drive down home values and push mortgage rates up.
Some elected officials, including U.S. Rep. Keith Ellison, are campaigning to continue programs that have bolstered the housing market, but that is not expected to happen.
If you’re a home buyer, now is clearly a good time to buy. If you are just watching the market, this spring and summer could be interesting times.
Submitted by exclusive home buyer agent, Mary Rugani.