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Wednesday, April 25, 2012
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This is one of the best times in the real estate market – as the days get longer and things get warmer, more and more people are motivated to sell their homes while at the same time others are excited about finding the perfect dream home. What is happening in today’s real estate market? To get an idea of what you can expect in the coming weeks and months ahead – we have put together some information about our local marketplace. Whether you are a buyer or a seller now is a great time to get involved and achieve your real estate goals!
Buyers Still Enjoying Record Low Interest Rates
Though we have begun coming up from the super low interest rates of just a few months ago those rates are still at record-setting lows. What this means for buyers is that they can get into much better homes for the same monthly payment as a smaller one just a few years ago when rates were much higher. Hovering at around 4%, the cost of a mortgage is one of the greatest benefits and incentives for buyers to buy now.
Home prices also remain very low. They have come up a bit in the past several months, but like interest rates, they are still lower than they have been in a very long time. But if you want to find the perfect home, there may be little time as there will be more and more competition as the months go by.
Multiple Offers Provide Sellers More Leverage
For the first time in a while sellers are beginning to see the market shifting in their favor. Especially during the warmer months and the busiest real estate season of the year, sellers will be receiving multiple offers on their homes. This is especially true for homes that are priced right, in great condition and presented well.
It is essential to hire the right agent to get the job done so together with your agent you can formulate a game plan and work to achieve your goals. At a time when buyers are savvier than ever, it becomes vital to price your home effectively. In fact, we strongly suggest working with us to pull your area’s comparable sales to make sure you know your competition and price your property accordingly.
As we continue onward, we are expecting the market to show its true colors – something that has been a long time coming after some of the more volatile times we seem to be crossing over. One of the greatest things we are thankful for is our clients’ trust in us and their referrals. Than