What's Happening--Or Likely to:
Well, as we finish out the third to last week of 2010, a few things are worth noting on the interest rate front. First, last week, rates again rose, making this the fifth week in a row they've risen. Now 30 year fixed rate money is slightly above 4.8% p.a.--quite a bit above where it was in late October/early November. However, even at 4.8% and change, these rates are still way under what we're used to seeing for mortgage financing of this term. Does it cost you more a month than a month ago? Definitely, yes! Is it still better than anyone could predict a year ago, and thus, still a bargain? Also, a definite 'Yes'! So what does one do? If you're a buyer, keep seriously looking for a new home, especially when you again consider the relatively low prices many homes still have and add that to these low rates. You still have an outstanding opportunity for a home that meets many, if not all, of your dreams.
Sellers: what about you? Well, if you want prices of a few years ago, I haven't anything in my bag of tricks for you. But, again, the continued low rates do add up to a number of active buyers who could make offers on your home. Also, as we near the year's end, many of homes come off the market for the duration of the holidays. Most sellers are thinking they'll come back on in the spring when gardens are in bloom and everything's 'gorgeous'. Well, for experienced sellers and their agents, 'Spring' means mid-January/early February. Why? Simple! All buyers are back on the market with a vengeance that soon after the New Year. They want to beat out the competition for the homes that will be available. Equally important, many of these buyers are 'RELO' buyers--people who have been moved or newly hired and moved by their firms; people, in other words, who MUST buy a home and NOW! Grab 'em--they're really hot to trot!
We can help you analyze the market and your home's value and also prep your home to be ready for this hot new year start, thus enabling you to get the best price for your home in the shortest reasonable amount of time. Give us a call! You'll be glad you did!