- Mortgage rates still low
- Home prices at a historic low
- Government incentives for first time buyers (see my fav links)
Inventory is shrinking. According to the National Association of Realtors, housing inventory peaked in November 2008 at an 11 month supply. In May 2009 it fell to 9.6 month supply. Total housing inventory at the end of June fell 0.7 percent to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace. Great news for you sellers, as we all know when inventory decreases home prices begin to increase!!!
Investors are helping in the price increase, they KNOW a good deal when they see it (they are who keep me as well as this market moving FORWARD) and KNOW that real estate is a sure thing. These wise movers and shakers are biding thousands above original asking prices on foreclosures KNOWING that real estate ALWAYS makes a comeback!
Existing home sales increased 3.6% to an adjusted annual rate of 4.89 million units in June from 4.72 mil in May. NAR's chief economist, Lawrence Yun, is optomistic, “The increase in existing-home sales occurred in all major regions of the country,” he says. “We expect a gradual uptrend in sales to continue due to tax-credit incentives and historically high affordability conditions."
Freddie Mac reports the average rate rose 5.2% for a 30-year fixed mortgage this week rose to from 5.14% a week ago.
Don't let this GREAT opportunity slip away!!!
Contact me NOW!!!
SEE YOU AROUND THE NEIGHBORHOOD!