Feb 21, 2011
1. Interest Rates Are On the Rise - As rates increase, the mortgage amount a buyer qualifies for decreases and they lose buying power. This may eventually have a negative impact on home prices.
2. Homes Will Never Be Cheaper- If your goal is to sell your current house and take advantage of the fabulous selection of properties currently available, DO IT NOW! The COST of buying a home is more important than the PRICE. The COST can be dramatically impacted by rising mortgage interest rates.
3. Buyers Are Out Early - Activity is up, showings are up and more properties are under contract. There is mounting evidence that buyers are coming out earlier this year. Pete Flint, CEO of Trulia, says “We’re seeing a national resurgence of buyer and seller activity on Trulia.com. In January alone, we experienced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70 percent year-over-year growth.”
4. Inventory Increases Every Spring – That means the competition to attract qualified, motivated buyers will increase.
5. We Are in the Eye of the Foreclosure Storm – There is a supply of discounted properties coming to the market as banks rectify foreclosure procedures. Foreclosures at a discount. When released, these properties could be competing with your home and also pull down home prices.
If you would like to talk about your options - or have a friend or family member who needs my help - please contact me. [where: 75230]