Whether it be Fitness 19 www.fitness19.com or the local shopping mall, I often run into friends and acquaintances who ask "So how's the real estate market?" If they are homeowners, I mention that these days sellers are receiving multiple offers on their homes, if priced competitvely. Multiple offers drive up the sales price.
If they are prospective purchasers, I mention that a 30-year fixed rate conventional mortgage is currently 3.625 percent -- that's three dollars and sixty three cents for every thousand they borrow from the bank.
This year, the National Association of Realtors www.realtor.org predicts a 9.5% gain in existing home sales, and a 6.9% boost in 2013, to almost 5 million units. Median prices for existing homes are forecast to increase 3% in 2012 and 5.7% in 2013.
Sara Jaffe, Senior Loan Officer for Wells Fargo Mortgage Company firstname.lastname@example.org , says it's a great time to buy. "Rates are lower than they've ever been, giving people an incentive to start thinking about their future investments, being able to purchase something now, not just for themselves but for their familiy's future. It's important to educate people that there are lots of creative ways to get approved for mortgages to purchase a home. It's not just for buyers who have a sizeable down payment and perfect credit."
Robin Baran, Senior Loan Officer for Wintrust Mortgage, email@example.com says buyers are forging into the market at a swift pace. "Seventy percent of my customers are buyers instead of people looking to refinance. Going back one year, it was probably ninety-five percent people looking to refinance and five percent looking to buy."
Baran says our attitude towards real estate has changed over the last seven years. "Buying a home is no longer just a place to invest your money and get home equity lines. There's more of an emotional tie to purchase of a home, more of a lifestyle decision rather than a grow rich decision. Your home is no longer your bank account."
The good news is that the real estate market is on the rise. According to the Joint Center for Housing Studies of Harvard University; the State of the Nation's Housing 2012" www.jchs.harvard.edu/: There is reason to believe that 2012 will mark the beginning of a true housing market recovery." The report cautions: "Sustained employment growth remains key,..." adding: "If the broader economy weakens in the short term, the housing rebound could again stall."
If you need help in navigating the real estate market, contact a Real Estate Broker familiar with the ins and outs of the market. You are also welcome to contact me at www.jenniespallonerealtor.com or firstname.lastname@example.org at Coldwell Banker www.coldwellbankeronline.com with any real estate questions or concerns.