Time to "Get Real".. Market Trends for Bristol County
I read an article on Boston.com today.. For sellers, the next year will be a trying year. If you do not need to sell.. DON"T. Record numbers of foreclosures are causing home prices to fall. In April of 2008, there will be hundreds of adjustable rate mortgages that will reset.. what this means is that those with adjustable rate mortgages may experience a larger house payment, which has been the driving force of the plethora of bank owned properties we are seeing on the market today.
Today's buyer is shopping, shopping for price. The market is truly all about price.
Average market time for the state of Massachusetts is 15 months now. 20% of the homes on the market are priced to sell. The other 80% will either expire or not sell at all, or sit for many months unless the price is adjusted.
I cannot give a prediction of what the market will do, nobody has a crystal ball. I do know, however, that homes are taking longer and longer to sell. Price equals pace in this market.
I would love to be buying today!
If I personally were looking for a home, this would be the perfect opportuntity. Interest rates are low, home prices are low. One never knows when rates will rise.
Advice to Buyers- Work with a Realtor that knows the market.. Make sure you see comparables.
My take on buying a home today..." It really doesn't matter what the price is, most are priced well below 2 years ago".
Unless you plan on selling your home within the next 5 years, just buy the home you love..
Don't be nervous Ned or Nelly,
I got a call recently asking me about a home I had on the market 6 months ago, the buyer asked if he could make an offer.. I said, "Sorry, sold it 5 months ago". Buyers can miss out on well priced homes if they hesistate... someone else will be enjoying their dream home, all because they were hung up on $10,20, 30 more a month!. If you are first time buyer, you have all the more reason to buy. Your tax write off for interest can offset your income taxes, sometimes, substantially!
For more information on Market Trends, Home Selling and Buying, Please Contact Lori Lincoln, 508-878-0917
http://www.bristolcountyhometeam.com/
Lori Lincoln has homes for sale in Taunton, Assonet, Rehoboth, Dighton, and
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