Buyers! 2012 Is the Year of Affordable Housing

2012 is right around the corner, which means that a lot of people are busy thinking about New Year’s resolutions and how to make this coming year the best yet.

Well, the experts over at the National Association of Realtors (NAR) have also been busy, crunching the real estate numbers from 2011 in order to forecast the housing trends for 2012.

Lawrence Yun, NAR’s Chief Economist, had this to say in a recent statement:

“Very favorable affordability conditions will dominate next year, which will probably be the second best year on record dating back to 1970. Our hope is that credit restrictions will ease and allow more homebuyers to take advantage of current opportunities.”

It’s fantastic news for those of you hoping to pencil in “buy a home” on your list of New Year’s resolutions. Charlotte real estate is at some of its most affordable levels in recent history and those numbers holding for a good portion of 2012 means that the coming months will be an ideal time to purchase property, whether you’re a real estate investor, first-time home buyer, or looking to upgrade or downsize.

However, as Mr. Yun points out, most people need credit in order to be able to purchase a home. Unless you have the cash to buy a property outright, you’ll likely need to qualify for a mortgage.

To make sure you can get the credit you need, start checking out your credit scores right now and do what you can to get them in tip-top shape so that you’re all ready to go once it’s actually time to apply for that mortgage.

Whatever you do, says Leigh Brown, your best Charlotte agent and short sale expert in Charlotte NC, do not wait until the last minute to check your credit reports or, worse, go into your mortgage application blind. Today’s mortgage approval criteria are tough, so if you want to get a great mortgage with an awesome rate and good terms, you’ll need to be prepared – and being prepared starts with looking into your credit score.

(Not sure how to clean up your credit score? Check out our handy tips right here and also here.)