29
Jan
Author: Mary Burke // Category:
Mary's Comments
Even in this time of uncertainty, when home values seem to be difficult to track, there is something to be said for timing your home sale! Spring brings renewed hope and has typically always been the best time to sell. This year holds promise for being a very good year! Here is how the seasons break down:
- The best selling season is Spring! The day after Super Bowl generally rings in Spring for the real estate sales market. Optimal time to find a home and move in by the end of the school year. This allows school age children additional time to settle into thier new homes and adapt before school begins.
- Summer is the next best time. The hot summer months help sell homes with pools. The fall school year is definitely the motivator to find and secure a home before the new school year begins.
- By early fall many buyers have left the market. Often we will see a resurgence in October and November but generally from October through February is the best time to buy a home if you are looking for a bargain! Many homes will be reduced in this time period so don’t let this happen to you.
Always sell based on supply and demand: When there are more buyers than homes for sale (sellers market), sellers are able to obtain better prices and terms; when there are more homes for sale than there are buyers, sellers may have to reduce their price and perhaps make other concessions to sell their home. Also, keep in mind that it is easier to sell in a low interest rate environment- which is what we are enjoying today-when more buyers can qualify for a home loan
Currently many neighborhoods have little to no inventory (competition?) and interest rates are historically low. The economy and real estate market may still be struggling but these two factors are worth considering if you are thinking of making a move this year. The home buyer credit is also still in play until April so this will add to the demand through the next couple of months.
26
Jan
Author: Mary Burke // Category:
Uncategorized
Feds Say: It’s Time the Market Stands on its Own
April 1 will be the first day that the Federal Reserve will end its debt purchase program and allow the struggling U.S. mortgage market to operate unassisted. As a result, the Fed is predicting mortgage rates could rise about three-quarters of a percent to about 6 percent according to a statement by Boston Fed President Eric Rosengren.
There is a fear here in the states and apparently in the worldwide court of opinion that the U.S. government is simply printing money to use to purchase mortgage-related securities. Analysts say this is largely contributing to the decision by the Fed to pull back. If that fear caused a sell-off of U.S. government bonds, it would push borrowing costs substantially higher and derail the economic recovery.
As in any decision of this magnitude most likely it will be evaluated and adjusted as needed. Inflation always follows recession and must be monitored closely to keep it in check. If they can!
26
Jan
Author: Mary Burke // Category:
Uncategorized
The market is showing signs of improving “right now” Is it time to buy?
Home prices in the Southland, which sustained one of the nation’s biggest declines, are rising, propelled by buyers eager to snatch up deals on deeply discounted foreclosure properties. Outlying areas such as the Inland Empire and Central Valley are continuing to struggle and will probably do so for some time. However, pockets of recovery are beginning to emerge and Orange County is certainly one of these communities that is posting a gain in sales numbers and pockets of price increases. Market share of foreclosures and short sales is very low as inventory decreases it is shortening the market time for current homes available for sale.
Some may thnk that California would continue to be a poorly performing state based on the depth of the value loss, but Californians have learned to think like speculators over the years. Speculators know you buy when the news is still bad and market timing means you don’t wait until the market starts going up.”
If you are thinking of catching the bottom of the market you might want to get started now! There is certainly talk of a shadowy foreclosure inventory looming on the horizon but if it does materialize it will sell quickly. There is much demand for this type of property