Home buyers who want a bargain may want to act now because the housing market is in the midst of a turnaround, economists say.

Home prices have fallen and mortgage rates are hovering near record lows, pushing home affordability for the average family to record highs. Meanwhile, rents have been on the rise, making owning a home cheaper than renting in most areas of the country, according to recent surveys. 

But the housing deals aren’t expected to stick around much longer.

An improving job market, a decrease in the number of home owners falling behind on their mortgage, and an anticipated improvement in access to mortgages is expected to help home prices start bouncing back by next year, economists say. 

Investors eyeing profits in rentals also have been snapping up bank-owned properties, which Clear Capital’s Alex Villacorte attributes as helping to lead to an increase in prices on foreclosed properties. This “could have a significant impact on the market overall in terms of providing a rising floor to home values,” Villacorte told CNNMoney.

Some areas are already seeing prices rise. In Phoenix, housing prices have already increased 8.4 percent during the three months ending April 30, and Miami saw prices bump up 4.6 percent quarter over quarter, according to Clear Capital data.

“Stuff I was selling six months ago for $60,000 to $80,000 is now $90,000 to $110,000,” Tanya Marchiol, founder of Team Investments in Phoenix, told CNNMoney.

Loan Rates, Demand Predictions

Buyers may want to act more quickly because mortgage rates are expected to tick up slightly by the end of the year. The increase is being sparked by greater demand, says Doug Lebda, CEO of LendingTree. He predicts 30-year fixed-rate mortgages will inch up to 4.5 percent by the end of the year, which is still low, however, by historical standards. 

The Mortgage Bankers Association is also predicting a big leap in mortgage loans next year. For this year, MBA estimates that buyers will take out loans totaling about $415 billion, but by 2013 that number is expected to nearly double to $706 billion.  

Source: “Buying a Home Won’t get Much Cheaper,” CNNMoney (May 3, 2012) and “Time To Trade The Lease For A Mortgage?” NPR (May 1, 2012)

Joe Campagna, manager of Prudential California Realty in Coronado, is pleased to recognize Margaret La Grange and Christine Van Tuyl for their sales achievements in 2011. A mother-daughter real estate team, La Grange and Van Tuyl were named to the company’s prestigious Honor Society, ranking them at the top 12 percent of more than 54,000 Prudential agents nationwide.

 “We’re excited to be honored with this award,” says La Grange, “as we truly enjoy helping our buyers find their dream home and helping our sellers receive the maximum possible return on their investment.”

With family roots in Coronado that extend for more than 75 years, La Grange and Van Tuyl provide their clients with an insider’s perspective about the local housing market. Consistent award winners for their sales production, they attribute their success to their commitment to analyze every situation from the perspective of their clients, in addition to their work ethic and proficiency with advanced technology. 

 “Margaret and Christine have built a solid customer base as a result of their high standards of personal integrity,” says Campagna. “Their focus on providing superior representation has positioned them at the forefront of the industry for many years.”

To ensure their clients receive prompt, information-rich communications and useful research about their transactions, La Grange and Van Tuyl continually work to increase their knowledge of technology. “Our understanding of technology has been a substantial benefit to our clients,” says Van Tuyl, “not only because it allows us to create attractive marketing materials but also because it allows us to develop customized websites for our sellers’ homes. Our clients can even sign all of their paperwork without ever having to pick up a pen or print a piece of paper.”

On the Water! 3 bedrooms, 3 baths, 2210 square feet.  Short walk to Gorgeous Coronado Beach!Deck has Southern Exposure..Warm and Sunny! Waterfront home w/private re-built dock w/ water/power for 30-50′ boats/yacht! Views from both levels! Garage is finished inside…use for shop/man cave.. extra large patio w/new block wall. Home is perfectly maintained, but never upgraded. Buy below market price now and do your own upgrades to your liking! Bring your design/remodel ideas and make this your dream home!

Listed for $1,395,000.