While the stock market remains in flux, technology is still questionable and retailers are reporting soft sales, robust real estate sales have helped support a sagging economy. The National Association of Realtors estimates that there will be 5.16 million home sales in 2001, which is almost a record high number. The sale of a home starts a process that generates additional spending. Paint, carpet, grills, furnishings, appliances, fencing, landscaping and all the other activities involved in the purchase of a home are a substantial part of the gross domestic product. If you're in the market, it's a terrific time to buy a home.
Mortgage rates are low and likely to stay that way for a while.
Prices remain strong, which is actually a benefit for both buyers and sellers. Because homes are gaining value, homeowners are building sizeable equity in their homes. This equity can be used to add on, for purchases or to trade up. It's also getting easier than ever to get a mortgage. Mortgage lenders have programs to satisfy almost anyone.