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Buyers Feel the Urge to Purchase Repossessed Properties Before Opportunities Disappear

Home buyers and real estate investors still have time to take advantage of bargain-priced repossessed homes, but only just. The housing market is recovering and it is only a matter of time before prices, mortgage rates and other factors return to normal.

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Industry analysts are urging homebuyers to make a purchase now before bargain windows close. A lot of buyers have already taken advantage of the low prices and for those who are still waiting, there may not be enough time.

Wise Buyers Made Their Move Earlier

Sales of residential properties reached their highest level in January 2012 since May 2010. Traditionally, sales pick up during the spring, but most U.S. homebuyers knew that prices will soon rise due to the recovery of the housing market and they made the wise decision to grab bargain repo houses before prices edge higher.

Efforts to encourage homeownership seem to have been effective, with a lot of residences getting sold during the winter, a season least likely to produce high purchase levels. With the market stabilizing, housing experts urge reluctant buyers to make their move now as home buying may never be as good as it is.

Why Buyers Should Hurry

The recovery of the residential property market will soon make bargain deals a thing of the past. Even now, prices are starting to rise in some areas, while mortgage rates are also starting to edge up. The rate for 30-year loans rose to 4.08% during the third week of March, marking the first time in five months that they have gone beyond four percent.

The mortgage insurance industry is also benefiting from the improving home market as demand starts to pick up, buoyed by last-minute home shoppers. Experts claim it is also a great time to be a buyer since mortgage insurance policies have never been safer, a sign the market has learned its lesson from the recent housing crisis.

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