ACCORDING TO THE NATIONAL ASSOCIATION OF REALTORS, THE U.S. REAL ESTATE MARKET IS ON THE PATH TO RECOVERY. IT IS PREDICTED THAT WE WILL SEE A SLIGHT CLIMB IN VALUES IN THE 1ST QUARTER OF 2010. Here's why:
- Existing home sales rose over 7% between October and November of 2009 which represents the largest number of sales in the past 33 months.
- The sales volume was up 44% higher in November 2009 then it was in November 2008.
- Inventory levels have dropped to nearly 50% of what they were a year ago.
THE PAST FEW MONTHS HAVE PROVED TO BE INDICATIVE OF A MARKET REBOUND BUT THAT IS NOT THE ONLY REASON WHY BUYING NOW INSTEAD OF WAITING COULD ACTUALLY SAVE YOU MONEY. Here's why:
- INTEREST RATES ARE STILL LOW - The Feds will cease buying mortgage backed securities after the 1st qtr of 2010 which will cause rates to climb. Higher interest rates mean larger payments.
- TAX CREDIT IS AVAILABLE TO 1ST TIME HOMEBUYERS AND MOVE UP BUYERS AS WELL - The tax credit will expire at the end of April. What else is there to say about receiving thousands of dollars from the government just for buying a house?
- PRICES ARE GOING UP! Inventories have dropped which means values will begin to go up!
Of course, these statistics may not necessary reflect your local area, but are still a good indication that the market correction is complete. Talk to a local Realtor or mortgage professional for more information and to help you decide if NOW is the right time for YOU! As always, I'm available to help in any way I can. You may also call or email me if you would like to be referred to a professional in your area.
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