Still a good time to sell

With the holidays coming, it is still a good time to sell.  Interest rates are still low and buyers are still optimistic about the future of properties.  They are almost twice as optimistic of the market then 2 years ago.  Buyers are well informed using REALTOR servicessocial media and their mobile devices to locate their home of choice and other information that was not available in the past.  So if you’re thinking about selling the home but you want to improve the property, some improvements will have a better value then others.   So work with your budget and get the most bang for your money.

California prices are up!!

If you’re thinking about selling your property here in California, now might be a good time for you to do so.  Median home prices are up in most, if not all of the counties in California.  Locally,  San Mateo and Santa Clara counties have low inventory, but is increasing, so there would be more buyers for your home and you’ll get a higher price for now.  It’s been about approx. 7 years since the great recession and finally we see an improvement for our state.

If it’s the right time to sell, don’t forget to use a REALTOR.  You’ll be glad you did.  There are so many things involved in a sale, you need a REALTOR to help you get the best price for your home, with least amount of stress.  Believe me, if you don’t know what you’re doing, it will cost you in the end.  The fee is still tax deductible until the government takes it away.  Remember when commercial property mortgage payments and your interest paid to credit cards were tax deductible ?  Well not anymore.

 

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Everybody is feeling better

oct ripple effect

When the housing market declines, it effects everybody.  When it is on the upswing, more opportunities are created for everybody.  We have been in a recession for 6 years and we are seeing better times.  Let’s hope that this is not another bubble.

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What will happen to interest rates?

With all of the budget problems we are going through, how will it affect interest rates?  Well according to NAR Chief Economist Lawrence Yun,  rates may increase however, there are other factors that could keep rates down. 

Right now  the rates have hit an all time low, 4.15%, and will stay low for another 2 years.  This is due to the faltering economy.  Although rates are at a all time low, sales of homes fell last month by 3.5% compared to the same time last year. 

This is an excellent time for buyers to purchase their home. 

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How are we doing???

If our government continues to ignore our budget problems that we have today, we will be in the same credit classification as Greece.  Once we loose our credibility, things will be more expensive.  Something has to be done.  

Although our budget is operating at a 60 % deficit, home sales have increased and is on track to out perform last year.  This increase is fueled by homes being more affordable, historically low interest rates, and lower unemployment, according to Lawrence Yun, NAR Chief Economist.  April did show signs of  our economy improving but the housing industry is still fragile

Even though we have an increase in sales, the values of the homes have dropped 3% in the first quarter of 2011, which makes this decline the largest since 2008. 

With all this going on, it’s still a great time to make that investment in the “Great American Dream”.     

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Is the market recovering?

Home sales rose slightly last month.  This is the sixth month in a row that home sales have increased.  Lawrence Yun, NAR chief economist, says “We’re clearly on a recovery path”.  This is a good sign and sales should continue to increase. 

There are all types of buyers out taking advantage of the market.  First time buyers purchased 33% of homes sold in March and all cash buyers purchased 35% of the homes sold, for example.  With the market current market conditions, it makes more sense to purchase a property then renting.       

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Sales are down

Home sales have fallen in February and is normal for a uneven recovery.  According to Lawrence Yun, NAR chief economist, even though properties are more affordable and the economy is improving, we will continue to see a rocky recovery as long as we have problems with tight credit and lower prices. 

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Is the market really turning around?

In January, pending home sales declined however, the data is based on contracts signed in January not closings.  According to Lawrence Yun, NAR Chief Economist, “The housing market is healing with sales fluctuating at times, depending on the flow of distressed properties coming on the market,” he said.  He expects the recovery will be a straight upward path because there is still an elevated level of shadow inventory of distressed homes and interest rates are still historically low.  

According to the Wall Street Journal, there are plenty of signs that the housing market finally bottoming out.  If investors and buyers continue to take advantage of the most affordable housing in decades, prices will probably bottom out in 2011.   

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3rd month of increased home sales

With January increase of home sales, it could be a sign that things maybe turning around.  Property sales increased 2.7%, nationally, and represents the first time in 7 months that sales were higher then a year ago.  23% of the sales were by investors and there was an increase of all cash purchases representing the highest level ever.  

Even though we are having economic problems, it is still a great time to purchase a property.  Interest rates are still pretty low and there are plenty of inventory.  This will change, but when?  Why not get something now and grow with your investment.  If you are ready, here are 5 affordable areas and 5 very expensive areas.  No matter where you go, the prices are definitely less then the were in 2007. 

Sales in San Francisco has been steady and returning to a healthy pace.  Sales rose by 20.7% from a year ago, January 2010. 

Don’t miss this great opportunity to realize your dream of owning your own home.  You might be surprised to know that it could be cheaper or as much as your rent.     

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Home sales rebound in 49 states

During the 4th quarter of 2010,  over half of the metropolitan areas have experienced price gains from a year ago, but the rest of the areas did not.  NAR chief economist Lawrence Yun is encouraged by the trend and says the sales in the last quarter of 2010 has absorbed much of the inventory including distress properties.  This could be a good sign that we may be recovering.  With the continued improvement of the market and more jobs become available, the market will be back to normal. 

Interest rates have been a big factor in sustaining the sales of homes.  Last year we have seen interest rates at its all time low, but the rates have been inching up.  This is a reaction to the housing recovery that we might be experiencing.  We may never see rates lower then 5% in the future.  In my 30 years of working in this industry, I thought I would never see interest rates lower than 6%, but it did happen.  If you’re planning to finance a purchase or refinancing an existing property, you may want to do it now before the rates go sky high.

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