Shortly after New Years Day, I began receiving many calls on my listings. Â I also received calls on the buy side via my website as well as social media websites. Â Wonderful News! Â Why was it happening now?
The year ended strong, not just for the real estate market, but for the entire economy. Â Home sales was up, new construction was up, retail sales were up, auto sales was up, and consumer confidence.
Most of these facts are illustrated on my youtube channel, http://www.youtube.com/csgarguilo, and the video heading, "Real Estate News and Updates: Episode 5".
But most important, new jobs were being created. Â In fact, last Thursday, February 2nd, almost a quarter of a million jobs were created; the sure sign that the economy is on the mend. Â The creation of jobs is the product of a growing economy as well as expanding businesses that are showing profits.
Is this an important component for the real estate market? Â In the words of Sarah Palin, "You betcha!". Â Even with interest rates below 4%, potential home buyers will not purchase if they do not feel secure about their jobs, future, and economy.
I am confident that home prices have hit rock bottom and will not go down further. Â As the economy improves, home prices will begin to creep up, but that won't be until we see a consistent time period of economic growth.
If you wish to list your house, do it now while mortgage rates are low. Â There will be more eligible buyers for your home because of the lower mortgage rate. Â On the other side, when you purchase your next home, your monthly mortgage payment will be lower again because of the low rate. Â The Federal Reserve has stated they will keep rates low until 2014; however, recent positive news about the economy may suggest we will be out of the recession much sooner than first predicted. Â The Federal Reserve would then raise mortgage rates to curb potential inflation.
Please feel free to view all homes in the Hampton Roads area of Virginia at my website:
Do not hesitate to email me with any questions.
KELLER WILLIAMS REALTY
Happy New Year to everyone! The year 2011 ended with good positive news about the economy and real estate market. Many leading economic indicators are up. Would we like this upward movement to commence faster? Of course, but it is not only the United States moving out of recession, but most of Europe. We are truly a global economy.
Please view my most recent video, "Real Estate News and Updates: Episode 5" to see objective proof that we are on the road to recovery. Please click the link below
Have a Great New Year!
Christopher S. Garguilo
Within the last week, I have been receiving more calls and emails from potential buyers.Â Is the news that gas prices are steadily moving down 2 cents a day motivating buyers?
Perhaps yes.Â It is my personal belief that buyers are very concerned about the economy and prices.Â And, of course, the price of gas which we all need (unless you live in a major city with adequate bus and subway transportation) does affect people's buying habits.
I hope gas prices continue to fall.Â But even if they go up, if you purchase a home with today's low interest rates applied to a fixed mortgage, you will be paying the same mortgage amount (principal and interest) for the next 15 - 30 years (depending on theÂ length of your mortgage).Â This amount will not change with a fixed rate loan.
It is an excellent time to purchase a home with low interest rates, competitive home prices, and sellers offering concessions.Â Take advantage of this time because once the economy is back in full swing, both home prices and interest rates will go up.
I have been constantly posting on my social media pages and blogs all reports that show that the economy is improving.Â Of course, there are many "Nay Sayers" out there, but I only post the objective articles that deal with numbers and facts and these articles show an upward movement in the economy.Â The facts are:
1) There has been an upward movement in sales in the real estate in dusty with both existing homes and new construction.
2) Retail and Auto sales are up.
3) Jobs in the private sector areÂ being created.
4) Unemployment rates has moved downward.
5) Stock market has closed ,
Now a note about unemployment rates.Â When the rate goes down, analyst say the reason for this is that less people are looking for jobs; they have given up.Â Recently there was a little spike in the unemployment; however jobs are being created.Â So is it possible that the spike was caused by the increase of people re-entering the job market and searching for jobs?
The reason for this article is that many of my clients are sitting on the fence.Â They are concerned about the security of their jobs, and whether or not there will be better jobs in the future.Â I am confident that our economy is improving, not with the ferocity that we would like, but, it is indeed improving.Â The articles that deal with pure facts and statistics show this upward movement.Â These articles are objective and should be considered to form your own opinion.
If you would like to view properties for sale in the Hampton Roads vicinity of Virginia, please feel free to visit my website, search, save and register at:
Thank you and Happy Home Shopping!