Hey! What happened to the real estate slump???
Posted under: Market Conditions in California
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June 27, 2009 9:03 PM |
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4 comments
Yes, I'm talking to you....sitting there in your boxer shorts sipping a Martini and wondering if it's time to hire a Realtor and buy that piece of investment property you've been thinking about for the last three years.
I know, I know...you're trying to time the market...but the only thing the clock is ticking off is the number of days you have left on that $100,000+ CD earning 1% interest. Wake up and smell the fresh paint!
For the third month in a row, the median price of single family homes in the California has increased - up a whopping 4.2% from April to May. And the number of homes are up over 35% year to date. Why?
- There are fewer foreclosures currently on the market, and lenders seem to be trickling out their inventory. Less inventory + high demand = higher sales prices;
- The California Affordability factor is at an all time high, bringing many first time home buyers to the market;
- Interest rates are still at a 30 year low, despite the slight increase over the last couple of weeks.
Will this trend continue? That's left to be seen. Economists say that California will lag behind the rest of the nation when it comes to recovery of the real estate market, so this three month trend looks promising.
Is now the time to buy? It's certainly worth serious consideration!
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Comments
http://www.trulia.com/voices/Foreclosure/I_have_million_from_my_home_sale_year_ago_Is_i-10082
Asked Sun Sep 30 2007, 14:48 by Rick - Foreclosure in Huntington Beach - 29 answers
Cindi Hagley, Windermere Welcome Home answered:
I think it's a great time to buy a home. Even if the market continues to decline for a couiple more months, you're still reaping the tax benefits of home ownership. Plus, you'll most likely hold this property for a long term, correct? Folks that keep holding out and trying to "time" the market lose in the long run. Start looking - and when you find a home you fall in love with - BUY! Good luck in your search - Sun Sep 30 2007, 15:35
http://www.trulia.com/voices/Rent_vs_Buy/Rent_or_Buy_in_expensive_cities_-6346
Erica, Other/Just Looking in San Francisco, CA
Rent or Buy in expensive cities?
Asked Tue Jul 24 2007, 14:00 by Erica - Rent vs Buy in 94115 - 11 answers
Cindi Hagley, Windermere Welcome Home answered:
As a Realtor and an investor, I believe that owning real estate is the quickest way to build wealth. Add to that the tax advantages, and you have a great case for buying rather than renting. - Mon Jul 30 2007, 00:51
Your comments are always welcome. I hope you find peace.