of the real estate market in any area for sure. But priced right and well maintained homes will sell, many
faster than expected, and things will probably not drastically change in the near future, in any of the major real estate markets, and many have a shortage of inventory.
And true interest rates are truly still low and interesting.
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If a home is priced correctly and is desirable, it will be gobbled up within days.
There are a few variables that could upset the direction the market is moving. One would be if unemployment numbers rise. The other is if interest rates go up. At present, we are watching interest rates edge over 4%, which is still a good rate by any stretch of the imagination, but it depends how far and how fast the rates move. I suspect we will hobble along in this mode for another few years.
Of course there are still investors closing deals NOW just not like how it was just 12-18months ago.
No one knows for sure what the market will be like in the next 12 months, but all of us can give it a good guess.
The unemployment rate has gone done some in the area and in the state in general. You've got a lot of wealth being created out the Silicon Valley. Many of those folks living down there are buying investment property here.
And by the way... There's a lot of money here locally looking for a place to make an investment and you've got the normal market of Sellers and Buyers working.
Rates are still very low and no one that I know that is in the business thinks things are going to change anytime soon. It's a good time to be a seller.
We are still a long way from the top of the market that hit back in 2006.
If you are thinking of making a purchase the interest rates alone make it a good deal.
I hope this helps...
Make it a great day...!
Recently our real estate 'economy' is based on more than the regional data. We are influenced by politically controlled economic policy, global economies etc. Or in other words, what the interest rate is doing... the health of this current economy has recovered by the FED's policy to keep the mortgage rates at incredibly low rates with the hope that 'the wealth effect' will take hold and eventually lead to real economic recovery. Job creation has been lethargic, our debt is building, no balanced budget....those factors among others will have the economy come tumbling down. Once the FED's policy can no longer be the only leg trying to hold up the economy, interest rates will rise and our housing prices will plummet.
I believe in one basic concept. A household 'balanced budget' means that you are spending no more than a third of your income on housing. If the interest rates rise, a new homeowner must buy a cheaper home to retain that 30%. No matter where you're looking over the next 12 months.
Jesse Coffey posted this link on Trulia earlier today: "The median list price in June for single family homes in Lincoln is $399,450. The list prices increased by 0.11% from the previous month.
The price per square foot for listings in this area is $203.
The median sale price in March for single family homes is $325,500. The sale prices increased by 19.44% from the previous month.
The price per square foot for sales in this area is $138."
The address to the link is below:
That chart looks at the year in the past. Jesse stated he had seen prices in Lincoln go up by 15 to 40% over the past 12 months.
The trulia post was:
http://=www.trulia.com%2Fvoices%2FMarket_Conditions%2FThis_article_ target="_blank" rel="nofollow">http://www.trulia.com/voices/Market_Conditions/This_article_