It might be hard to say that the market is rebounding for sure from the real estate recession but it sure has taking a bounce. either way this really is not the year for buyers to be waiting on the sidelines.
Now that the stimulus has been finalized and the 1st time home buyer tax credit has been offered the phones are starting to buzz quite a bit more in my office and i am expecting quite a bit more as the word gets out.
For those of you buyers out there with steady jobs that really have a low probability of going away, you really can't wait. the rates are amazingly low, and from what i am hearing from most mortgage pros really can't and won't get any better from where they are now. That and a good amount of selection really will go along way. As a buyer the chances of getting into a bidding war on a home are a great deal slimmer, and the prices are at the point where a lot of buyers were looking for years ago. That's right, if you missed the boat before, it's you're time to take advantage now.
As for my report from the trenches; I am seeing and meeting a lot of folks that are now starting to get off the fence and make the move to home ownership, and I have to say that i am seeing prices holding steady and less and less foreclosure homes for sale in desirable areas, and if they do become available there is almost always a bidding war. most recently in fact an associate of mine had some clients that wrote 15k above and still received a rejected offer.
also i am beginning to see new pre-owned homes coming on the market at higher prices than we have seen through the winter are at a hold steady prices. Meaning that the prices really are or will not go down much further besides the occasional fire sale price set by some seller that are looking for bidding wars and fast sales. Hence the bounce. And the sold prices are going up as well.
if you're going by what you see in the headlines of the media you are being mislead. Real estate is very local. And the national stats they usually post are very misleading yet are very effective at getting ratings or selling papers. do your self and decide for yourself if owning would be a better option than renting, and in most cases it always is.
for those of you with homes looking to make a move...look at this logically. obviously you are not going to clear what you wanted but when you make that move up purchase and sell later, it is almost impossible to lose out and on fact you stand a very strong chance of coming out ahead if and when you stay in your home for more than more than 3 years without a re-fi.
none the less how many stimulus packages are we going to see for this industry? If you were waiting for the bottom it's gone, don't miss your chance now. I'm happy to help.
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