No one knows when we hit bottom until after it's over. If we could predict the bottom & rising prices it would be a wonderful world! Below is an eNewsletter I sent out last week.
Lu Lu says, "It's a great time to buy"!
Despite What The Media Tells You, Loans ARE Being Made Every Day
Yes, there is money out there to be loaned and loans are being made daily. Contracts are being written and closings are taking place. If your credit score is at least 570 loan packages are available.
The National Association of Realtors trade group forecasts that resale home prices and sales will both fall about 6 percent this year compared to 2007. After peaking at a record 6.48 million resale home sales in 2006, this pace dropped 12.8 percent to 5.65 million in 2007 and is projected to drop to 5.31 million this year and then rise 5 percent to 5.58 million in 2009, according to the forecast report. The median price of resale homes is expected to fall from $218,900 last year to $205,300 this year, and to rise 4.3 percent to $214,100 next year.
This means average prices are forecast to rise right here in Knoxville. Inventory is high, rates are still low and houses are "on sale" right now. If you're waiting to sell your home, reduce the listing price and get it sold. When you buy up, you'll being buying for less too. Plus you'll qualify for more house!
Spring is historically when owners put their homes on the market. Why take the chance of inventory increasing even more plus lose the option of "buying up" for less at a low rate. I still say sell.