Report forecasts sunny days ahead for housing market

The housing market is showing signs of stabilization – good news for both buyers and sellers – according to figures from a recent National Association of Realtors report.

According to the report, home prices rose in 74 out of 146 metropolitan areas in the first quarter of 2012. Based on data from the report, NAR predicts total home sales will increase 7 to 10 percent in 2012, which would be a welcome shift for homeowners who are looking to sell.

The optimistic outlook for the housing market extends to homebuyers as well. Mortgage rates in the U.S. have reached record lows. According to Freddie Mac, the average rate for a 30-year fixed loan has fallen to 3.83 percent, while the average for a 15-year fixed loan also reached a record low at just 3.05 percent.

However, it’s important to keep in mind that a good credit rating is the key to qualifying for the best loan rates. So if you are in the market for a home, you should request free copies of your credit reports. Review the information on your credit reports for errors and inaccuracies, while also noting any past-due or delinquent accounts. Any accounts that aren’t current will negatively affect your credit score, so you should make any necessary payments on those outstanding debts prior to applying for a loan.

At MMI, we realize the process for first-time home buyers can be daunting, which is why we created a free first-time homebuyer class in two convenient formats. You can search for local classes in your area, or sign up for a free online webinar. Participants in the workshop will learn information crucial to creating a positive home-buying experience, including:

For more information, visit the homeownership and home loans section of our website.

Jessica Horton is a former copywriter and community manager at MMI.

  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.