The Case-Shiller Index is one of the best measures of home values. And the latest numbers show that homes are now worth about the same as they were in 2003.
Karl Case has said "In most places, in fact almost all of the cities we track, prices stopped falling about a year ago. And they've come back a little bit."
The Standard & Poor's Case-Shiller Home Price Indices are constant-quality house price indices for the United States. There are multiple Case-Shiller home price indices: A national home price index, a 20-city composite index, a 10-city composite index, and twenty individual metro area indices.
The indices are calculated from data on repeat sales of single-family homes, an approach developed by economists Karl Case, Robert Shiller and Allan Weiss.
If the above calculations aren't enough, don't forget that; Mortgage Interest Rates Are Still At Historic Lows. Just because you could have had a 30-year fixed rate loan at 4.75 percent last November and this past February doesn't mean you shouldn't try to refinance now that interest rates are just over 5 percent. This is still an amazing interest rate for the long-term and if you don't refinance or buy now, you'll soon wish you had.
And don't forget; Home Prices Are At Generational Lows. Right now, home prices are in a state of fluctuation. They're rising (slightly) in some areas and falling in others. But just because home prices might fall before they rise again shouldn't keep you from making an offer on a home as long as you find the right house at the right price on the right terms.
So, one more time; is it time to buy a home? Yes, it is!
Karl Hess, Real Estate Agent Ocean County
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