First time buyer market is hot! The $8000 stimulus money coupled with the MCC (Mortgage Credit Certificate) has served to overheat this price segment. It seems like everyone who qualifies as a first time buyer (hasn't owned for 3 years) is in the market...as they should be. Anyone who can afford to buy...should!
Move up market doing well. It seems like homes that are beyond the typical first time buyer ($200k-$400k) are still selling pretty well. In central Ohio, FHA loan limit is $341,250 and VA limit is $417,000, which helps this price segment.
The executive home market ($400k-$600k) is still slow. In all but a few areas there is a 3 to 5 year supply of homes at the current rate of sales...that is if no more homes were to come on the market!
The luxury home market ($600k & up) is tough. Sellers, builders and banks are selling at bargain prices. If you can afford a home in this price range, you will probably never see home prices & interest rates this low again.
Let me sum it up. Of course, your house can sell in this market. Proper pricing, great presentation and excellent marketing will get your home sold.
By the way, interest rates are phenomenal. .
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