For those On the Fence - Buyers and sellers alike are asking the question - "Is the time right?" For many, I believe it is and here are the reasons that I think bear careful consideration, depending on the buyers/sellers specific situation:
•- It's no news that market activity picks up with the spring market. What is somewhat different currently is that there are continued $8000 first time homebuyer tax credit incentives in place, as well as a new $6500 move-up buyer tax credit - only available until April 30. This means that the spring market is upon us earlier than the norm, with big inducements to buyers to act quickly and sellers to take advantage of the activity those incentives create and possibly take advantage of the move-up credit themselves.
•- There is momentum in the Calvert County real estate market, with the cumulative number of sales up 23.03% the first 11 months of 2009 as compared to the end of December, 2008, and the initial numbers for December 2009 support that level, possibly better, with the numbers having not been finalized to date. Those statistics need to be looked at locally, but I believe the first time homebuyers initiative has spurred the number of sales in many markets.
•- There are many areas of the country experiencing modest increases in prices. That good news is filtering down into all markets, creating a much more positive outlook, increased consumer confidence and market stabilization, and hopefully will affect all markets positively, although that effect could take on different faces depending on the local market.
•- Home affordability is at all time highs. There is continued speculation about inflation creeping into the market and the strong possibility that interest rates will increase along with prices rising to a degree in some areas. Better sooner than later to take advantage of the affordability that is available, which should bring higher numbers of buyers into the market.
•- Decreased inventory - as a seller your competition is currently lower than those who choose to wait to list. For buyers, there is incentive to act on a purchase quickly.
Maybe, it's the "Perfect Storm"
or, a "Window of Opportunity"
BUT, a storm will pass, and a window...lets in the light.
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