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Boomerang Buyers to Fuel Housing Recovery

Selling your Crofton MD home?  There’s a new source of home buyers entering the market.

Waiting Period to PurchaseApproximately 10% of the homes sold in 2013 will be purchased by boomerang buyers –people who lost their homes in the past five years. In fact, nearly a half million boomerang buyers will purchase a home this year and several million more will in the next eight years. This activity will likely contribute significantly to the housing recovery.

Some experts expected the housing crisis to cause a shift toward renting but boomerang buyers don’t support that theory. They still believe the American Dream includes home ownership. Rising rents, increasing home prices and low mortgage interest rates are further fueling their return into the housing market. In many areas, including the Baltimore-Washington-Annapolis triangle, it is often less expensive monthly to own than to rent.

If you, or someone you know, has lost a home to foreclosure or a short sale, it’s a good idea to consult with a mortgage lender to find out if you qualify now to purchase again. It may not take as long to reestablish credit as you expected.

If you’re selling a home in the Crofton area, ask your agent how the marketing plan for your home targets boomerang buyers.

Read more about Bidding Wars This Spring, Spring’s Wild Card and Boomerang Buyers.

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