New Housing Starts Are Up – Or Are They?

IJburg
Creative Commons License photo credit: Lauren Manning

There’s so much conflicting information on the news lately, and a lot of it has to do with housing numbers. You’ll hear that they’re up, and then you’ll hear that they’re down. You can’t seem to get a straight answer from anyone, and it can be very confusing. The key is to know where the numbers are coming from, and how that relates to where you’re looking for a home – or looking to sell a home. If you know that there are problems in your area and the housing numbers are steadily dropping, it might be better not to sell. Just hold on, if possible, and wait for things to improve.

For buyers, though, that can be one of the best times to get things moving and to start purchasing property – either to live in or to buy and rent out or resell at a later date. Some parts of the country are doing much better with housing starts and other housing numbers than others are. That’s important to pay close attention to, because there are areas of the country where deals are much better than others are. If you watch for them, you can still make money in the real estate market, instead of getting burned.

If you want to purchase a brand new house, or have one built for you, now is the time. You’ll need a good down payment and a high credit score if you want to finance, though, because there are fewer opportunities to borrow money today. Lenders are more careful with what they’ll allow people to borrow, because there have been so many bankruptcies, foreclosures, and late payments over the last couple of years since the housing market collapsed. Whether new housing starts in your area are up or down, now is still a good time to buy for those who are able to.