Most of you are keenly interested in the lively real estate activity in your various communities. Local Realtors keep you well informed about the listing and sale prices of your neighbors’ houses. For some of you, it’s fascinating to see what your house is worth at the moment. But for anyone considering a move, it’s of critical importance. Here’s the state of the housing market.
Mortgage rates are still well within the low digits, which is wonderful news. Most economists agree that they will remain stable over the next few months, with the prime rate estimated to be about 6.75%. Now that the housing market is beginning to level offa bit, and we see increased balance between buyers and sellers, the Feds seem to be tying this status in with their judgments regarding long-term rates. Of course, there are count-less variables that impact the decisions of Mr. Greenspan and company, but they still seem to be pointing toward stabilized rates. Since housing prices are predicted to be fairly steady over the next few months, so are the interest rates.
Other than interesting data, what does this mean to me as a buyer or a seller?
If you have been waiting to list your home as the prices rose higher and higher, you can stop now. There is no prediction of a radical burst of the “bubble,” nor do we anticipate dramatic increases. After all, these are houses, not dot.coms. You have probably reached optimum equity for the time being, and it is well worth your consideration to go ahead and put your home on the market. Buyers are breathing a sigh of relief. They can now search for a home without the fear of skyrocketing costs in the near future.
Armed with confidence regarding housing costs and interest rates forecasted to remain stable and low, it ought to be a brisk market over the next several months — an excellent time to buy or sell property. For a complete personal analysis, please call us. Together, we’ll conduct a thorough assessment of your particular situation, and make informed decisions about what to do next.