If you've been ready to buy but have waited for some positive signal, hopefully this will help.
It looks like the housing market may have hit bottom, setting the stage for a mild housing recovery to begin prior to year-end 2008, according to a new study by SMR Research Corp. The market's recovery is likely to be gradual, with house prices merely firming up or increasing slightly, rather than returning to the strong growth seen from 2002 to mid-2006, the firm said. An SMR study was among the first to declare (in 2002) that a housing price bubble existed, defined as prices rising faster than consumer incomes. In a 2004 study, SMR forecast that a "perfect storm" in credit quality would cause an explosion in foreclosures within two years. SMR specializes in mortgage and home equity loan industry research. "Our prior forecasts were accurate but widely disbelieved when issued," says SMR President Stuart A. Feldstein. "We similarly expect a skeptical reaction now to a recovery forecast, which is not the common view. But the numbers are what they are." The new recovery forecast was published within SMR's annual spring study. "Homes are now affordable again," Feldstein says. "Consumer psychology is the biggest remaining hurdle to recovery."
© 2008 FLORIDA ASSOCIATION OF REALTORS
I'm here to assist you when your ready to buy. Please let me know what your looking for and I will do my best to find the right property and negotiate the best price for you.
Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300--800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
Tuesday, March 18, 2008
Monday, March 3, 2008
Real Estate" Food For Thought" for buyers or sellers
If your thinking of buying or selling the following information should assist you with your decision.
1. All I read about in the papers are how real estate prices are falling. Why would I want to buy now when I’ll be able to get a better deal later on?
Answer: It’s true that real estate prices have declined slightly nationwide in the last couple of months, but that’s after an increase of some 88 percent in the last 10 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 2007 is the fifth best year in the history of real estate in the United States.
Historically, housing prices have risen about 6 percent a year, according to NAR.
Still, it wouldn’t hurt to wait a while, would it?
Answer: One big reason to buy now is that interest rates are still near historic lows. But if oil prices and other rising costs push up inflation, as some economists think they will, interest rates will probably go up, too. That can make your monthly mortgage payment higher and affect how much home you could buy.
Another reason that it’s a great time to buy is that there’s a big inventory of houses to chose from right now. A couple of years ago, when the market was overheated,buyers would just buy the first thing they saw because they were so afraid of not getting any home at all. Now you have the option of more time and a bigger choice so you’ll get the best home for you. And because of the large inventory, you’re in a better position to negotiate a price discount with the seller than you will be when the market begins to strengthen.
Sources Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.
2. Prices are falling. It’s just not a good time to sell.
Yes, but that was after an increase of some 88 percent in the last 10 years, so you’re still way ahead.” .”“If you don’t have to sell, of course, you have the option to wait, but because of the high inventory of homes, it may be a couple of years for prices to start going up again.
If you’re going to be a buyer, it’s a great time to sell because you’ll make up on the buying side what you don’t get on the selling side. In addition, interest rates are still near historic lows, which may not be the case too much longer, so more buyers will be able to afford your home.
No matter what the market, it takes the same three things to sell — presentation, promotion, and price. Just price your house right against your local competition, and you’ll be able to sell it in a reasonable amount of time.
Sources: Emmanuel Fonte, a sales associate at John L. Scott Real Estate in Bellevue, Wash.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.; Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.
If you'd like additional information please contact me. As always, I'm here to assist you in your home purchase, tell me what your seeking and I'll do my best to find it for you.
Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300--800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml
1. All I read about in the papers are how real estate prices are falling. Why would I want to buy now when I’ll be able to get a better deal later on?
Answer: It’s true that real estate prices have declined slightly nationwide in the last couple of months, but that’s after an increase of some 88 percent in the last 10 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 2007 is the fifth best year in the history of real estate in the United States.
Historically, housing prices have risen about 6 percent a year, according to NAR.
Still, it wouldn’t hurt to wait a while, would it?
Answer: One big reason to buy now is that interest rates are still near historic lows. But if oil prices and other rising costs push up inflation, as some economists think they will, interest rates will probably go up, too. That can make your monthly mortgage payment higher and affect how much home you could buy.
Another reason that it’s a great time to buy is that there’s a big inventory of houses to chose from right now. A couple of years ago, when the market was overheated,buyers would just buy the first thing they saw because they were so afraid of not getting any home at all. Now you have the option of more time and a bigger choice so you’ll get the best home for you. And because of the large inventory, you’re in a better position to negotiate a price discount with the seller than you will be when the market begins to strengthen.
Sources Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.
2. Prices are falling. It’s just not a good time to sell.
Yes, but that was after an increase of some 88 percent in the last 10 years, so you’re still way ahead.” .”“If you don’t have to sell, of course, you have the option to wait, but because of the high inventory of homes, it may be a couple of years for prices to start going up again.
If you’re going to be a buyer, it’s a great time to sell because you’ll make up on the buying side what you don’t get on the selling side. In addition, interest rates are still near historic lows, which may not be the case too much longer, so more buyers will be able to afford your home.
No matter what the market, it takes the same three things to sell — presentation, promotion, and price. Just price your house right against your local competition, and you’ll be able to sell it in a reasonable amount of time.
Sources: Emmanuel Fonte, a sales associate at John L. Scott Real Estate in Bellevue, Wash.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.; Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.
If you'd like additional information please contact me. As always, I'm here to assist you in your home purchase, tell me what your seeking and I'll do my best to find it for you.
Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300--800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml
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