It is a great time to sell! It is a great time to buy! Gabe shares some great facts on the "current happenings" in the real estate market. The bargains have all been snatched up. Mortgage interest rates are staying low. It's a great time to sell. It's a great time to buy. Thanks Gabe for all the great info.
Buy Now! Sell Now!
Rarely is there a time in the real estate market that it’s the right time for both buyers and sellers. However, this may be just such a time. John Waggoner, an expert on personal finance says:
"Investment opinions are like noses. Everyone has one. Buy stocks, sell bonds? Go long on steel, short on copper? Buy sheep, sell deer?"
They can argue for and against most investment choices, but it's pretty hard to argue against buying a house right now. In the past, you could buy low and watch prices go lower, but that's not happening any more.
Supply is the big news. The number of homes on the market is shrinking. Investors and early buyers have snapped up the many inexpensive homes on the market. In prime areas, the inventory of homes available for purchase is very low. Many homes, once single family units, have been converted into rentals, decreasing supply even further. In parts of California and Florida, homes remain on the market for less than a month, or even weeks.
This trend is expected to continue throughout the U.S.
Meanwhile, prices are rebounding. While there are still bargains, they are being snapped up quickly. In January of this year, the median price of a single-family home was $154,600, the lowest since 2001, according to the National Association of Realtors.
In June, existing home prices rose to a median of $190,100, up 8 percent from June of 2011. Those prices are still at 2003 levels, but they continue to rise.
According to Ned Davis Research, a respected institutional research firm, the excess supply of houses on the market should be eliminated by the end of 2013.
Interestingly, mortgage rates remain very low. The average 30-year fixed rate mortgage is about 3.6 percent, says mortgage giant Freddie Mac. Assuming you finance 80 percent of the median-priced $190,100 home, or $152,080, your basic mortgage payment would be about $691. You can now get more living space for less than renting.
Before you spend time searching for a home, check with a bank or mortgage company get to see how much of a loan you qualify for. Expect them to do things like checking to see whether you have a down payment, a decent credit rating or a job.
Quoted in USA Today, Waggoner says there are expenses associated home ownership, ranging from taxes to maintenance. But if you're planning to live in your home for some time, you have the money, and you can get financing, it's a fine time to buy and it's a great time to sell.
When looking for a Realtor© in the Poconos that will listen, assist and guide you without "pushing" you, contact Bobbie Smith. I would love to help.
Bobbie Smith, CRS
(Certified Residenial Specialist-CRS)
570-242-1891 Cell Best (Call or Text)
Email me now: firstname.lastname@example.org
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