The good news about the market just keeps rolling in… 2012 is the year for the housing market and it keeps getting better by the week. According to numerous places on the web, the papers, magazines etc.. the market is on the rise and us realtors and loan officers in the business couldn’t be happier about it. Today’s snippet of good news is coming from RealtyTimes. In the article titled “Housing Reports Show Improvement as Low Mortgage Rates Continue” by Ed Ferrara the current housing market changes are examined.
According to Ferrara, among other sources, “the current housing market conditions are favorable for consumers who wish to purchase and finance a home under very affordable circumstances”. Not only this, but now there seems to be more and more competition among these buyers, making the transfer from a buyer’s market to both a buyer’s market and a seller’s market.
I have to wonder though how long this unique economic condition will last..? There are buyers who have been biding their time waiting for the right opportunity and now that it’s arisen they seem to be coming out of woodwork now! Offers are rolling in by the dozens.. and fast!
New home sales have increased beyond expectations in this New Year since the heavy decrease in December. The National Association of Realtors only expected ½% - 1% increase in home sales and January yielded a 2% increase, great news for us sellers out there.
On the subject of fixed rate loans and mortgages, interest rates have never been lower. The most popular mortgage for a home purchase is the is thirty year fixed rate mortgage who’s rate has remained at 3.5%. The fifteen year fixed rate loans have also stayed steady with about 2.875%, but these are mostly popular with refinancing. However “some consumers, especially short term home buyers are opting for… adjusted rate mortgage which is at 2.250%”. All in all mortgage rates have been low and are staying low!
All these stats are fine and grand.. but what can we interpret from them? That now is still the time to buy and the window may be getting smaller soon, so don’t miss out! These mortgage rates are perfect for first time homebuyers and should be taken advantage of immediately. With the recent housing shortage that’s occurring these days these deals and steals on loans and homes won’t be around for too much longer.
For the whole article click this link.
Lynn Tardibuono - Flipper Chick, Expert Real Estate Agent and Co-Owner of Sun Pacific Mortgage and Real Estate since 1988. Serving Sonoma County for over 20 years. Her number is 707.523.2099 or just visit the website at sunpacmortgage.com