We are coming out of spring time and heading for the summer and many folks are curious about what is truly going on with Home prices, Interest Rates and the overall Market Conditions for real estate.
First of all let me disclose that, “I am NOT a licensed real estate agent”, so this information is coming from speaking with many realtor partners and industry insiders to share some basic information about the market.
Home Prices: Most markets have seen stabilized prices. Prices are leveling off in most markets. Inventory levels are starting to rebound, making it look like we might have a “buyers” market.
I also noticed we are seeing more buyers now cashing out the equity in their current home and reinvesting it into a bigger home. Buyers are finally seeing sellers allow them contingency options on the purchase contract acceptance. This is great if you need to sell your home and turn around and buy another.
Interest Rates: Rates have also stabilized. We are still near 30 years lows on interest rates; making the affordability and qualification very possible for most looking to buy.
Market Conditions: Most markets have stabilized as well. We are seeing less short sales and foreclosures these days. We are now seeing more traditional buyer and seller purchase contracts. We have also seen the return of new home building over the last few years. This is a sign of a healthier real estate market.
If you have been looking to make a step up purchase or have specific questions on mortgage financing, please give me a call. I can help with any questions or concerns.