Monday, August 13, 2012

Consider yourself on notice. If you can afford it, buy that house NOW.

The USA Today (and Florida Realtor's Association) is reporting on today's housing market.

They give a great break down on why buying a house now, is the right thing to do, if you can get a loan of course. 

The article goes into detail about prices, supply, mortgage rates, and what that means to you. 

Price: The median single-family home price hit bottom (the believed bottom) in January @ $154,600, the lowest since October 2001.  The high was at $230,900 in July 2006.  Median prices are now rising. 

Supply: It is a buyer’s market, plenty of supply.  Those who have been waiting for the market to rebound before selling are now selling.  This along with short sales and other reasons are resulting in a saturated market.  Experts believe this over supply will level off in 2013.

Mortgage Rates: Average 30-year fixed-rate is about 3.59% (the all time low is 3.49%)

What to do now…

If you have the money (can get financing).  Go and buy that house you plan on living in for at least 7 to 10 years.  Don’t go crazy; do not put yourself at risk by buying multiple houses assuming you will be able to rent them out.  As the market rebounds, those renters are going to want to buy their own house.

Take advantage of the market, low rates, and the economy hitting the bottom (it appears to have).  The stock market will fluctuate daily, yes we went through a crazy time but smart home ownership (not using it as a piggy bank) is still a safe bet.  

To read the full article:
 When you own your home or investment property contact us: 

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