O.K. The stock market is whacky, the mortgage industry is struggling, and there are lots of homes for sale! What a great time to be in the real estate market!!! With interest rates hovering around 5.5 %, the buying power today is so much stronger than it was just a few weeks ago! We tell our clients, whether they are first time home buyers or seasoned home owners, if you want to make a move, do it NOW! With this kind of interest rate, no matter what the real estate market in your area looks like, buyers have the ability to buy the home of their dreams, which might have been out of their reach financially last year.
In the markets where real estate is depressed, what a great opportunity to buy up! I know that if people have to sell their home before buying they think about the money they are losing on that end, but they will more than make up for it buying a higher end house! And with these interest rates....as I say, NOW IS THE TIME!!
Here in the greater Baton Rouge area, hurricane Gustav devasted many of our neighborhoods with the loss of big trees. The clean up is going well, buyers are back to looking at houses, even the ones that need a little repair, and contracts are coming in. I find all of this very exciting and a sign that the economy in our area is still going strong.
Even though the media likes to point out that our sales are down from August this year compared to last year, when I look at our year compared to 2003 or 2004 (which were very good years in our area) we are still in very good shape!