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Sales are on the rise, inventory’s dropping and spring is around the corner! Does it get any better than this? Well, it does. As we move into the warmer months (a long time coming) it’s time for all the hibernating buyers (and sellers) to get out there and get busy. We’re expecting another incredible season and a lot of the credit goes to the phenomenal concessions available out there right now in the market.
As you can see from industry reports, just six months ago the market seemed bleak. Pending home sale numbers in June 2011 were less than to be desired, our inventory of homes on the market seemed endless and it was the first year after the government’s First-Time Homebuyer Tax Credit expired.
But a lot has happened since then.
Low Rates Continue, Home Sales Rise, Inventory Beginning to Level Off
Interest rates that we have not seen ever came around and then stuck around. In fact, they are still available and that is one of the reasons our market has been able to recover from the fallout experienced lately. Consumer confidence, though the market is definitely buyer-controlled, has fuelled the beginnings of market recovery in many areas. As housing inventory levels off, the industry continues to experience more stabilization.
Real Estate Remains Among Strongest Investment Classes
With interest rates as low as they are right now, combined with low housing prices and mortgage opportunities, this is the best time to invest in residential real estate. Whether buying a fixer to resell, choosing a property that will yield some rental income or buying with the intention to live in the home for 7-8 years – now is the time!
Warren Buffett recently spoke about the housing industry being the best way to invest – and it got people talking. He said the best way to increase your net worth is to invest in a single-family home, live in it for at least a while and then sell it a few years later. He was even quoted as saying in the CNBC interview that if it were practical, he would buy a “couple hundred thousand single-family homes”.
2012 Promises Stronger Market, More Jobs, Better Economic Outlook
Considering the last three months’ sales figures steadily rising, employment numbers finally improving and a host of mortgage programs and concessions available for homebuyers, things are looking up. In 2012, especially the second half of the year, a significant improvement is expected to take place in the housing market. Interest rates are not expected to begin rising just yet so there is plenty of opportunity for buyers to purchase their dream homes. Many existing homeowners are projected to take advantage of the great deals right now and buy up into their dream home while staying close to their current monthly mortgage payment. Others will utilize government programs to refinance and seize lower interest rate opportunities.
With the paradigm of rent versus buying gradually shifting toward buying over the past couple years, buyers are now able to live in their own homes while paying less than what they would have if rented. It’s important to get and keep good credit so that before these opportunities shift again, you will have gotten in on the action and walked away with a great home to show for it!
