what's the trend today buying house ? good or bad...

Asked by Vernie, San Jose, CA Sat Jun 2, 2012

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6
Ruth and Per…, Agent, Los Gatos, CA
Thu Jun 28, 2012
Hi Vernie

Hope these 2 graphs help:

Check trends in housing:
http://tinyurl.com/835kgrf [Open in new window]

Care to look at trends for town homes and condos in Silicon Valley, click on link
http://tinyurl.com/6wplqe2 [Open in new window]

Looking for homes go to 30 SECOND TOURS ON HOMES FOR SALE:

http://animoto.com/play/YmV02e2j40DELvfZBNW7kg

and http://animoto.com/play/bL0ewJJoKKiGvaqjsWnpSw
Web Reference:  http://www.ruthandperry.com/
0 votes
Edith Karoli…, Agent, Winnetka, IL
Sun Jun 3, 2012
If you are asking if it is a good time to buy a property, the general simple answer you will get from everyone is YES, prices are low - relatively speaking and interest rates for the loan are very low and
there is lots on the market to select from.....

But my answer is usually a little different....
It is a good time to buy property because of the reasons I stated above BUT only if your employment and income is somewhat secure, you buy more like below your means than above, your credit is good, and you have a good size down payment, then it is a great time to buy a home.

At this time in many areas it may be - depending on location and size of property - less expensive to
own and pay taxes and mortgage than paying rent.

Good luck to you....
Good luck to you! and if you need recommendations for Realtors in your area, feel free to get back to us and we would gladly provide you with some good recommendations...

EdithSellsHomes@gmail.com
YourRealtor4Life! Working always in the very BEST interest of her clients, buyers, sellers and
investors alike.
Covering the city of Chicago, all N an NW suburbs and the fine Homes of theNorthShore for
@Properties Northshore, 30 Green Bay Road, Winnetka, Il. 60093
Edith always goes the X-tra Mile with a SMILE for all her clients, she also covers with her
partner agent all states in the US and worldwide properties as well
Edith speaks French, German, Spanish & more
0 votes
Yvonne Han, Agent, Carmel, CA
Sat Jun 2, 2012
Hi Vernie,

The trend is very good!
Consumer confidence are up and interest rate is low.
You might be surprise that your mortgage payment might be lower than the rent payment.
Have you talk to a mortgage broker or your bank ? If you think your credit score is good and you are earning an income , let the bank prequalify you.It is free and you'll find out if you can buy a house.

Good luck!
Please call if you need help.
Yvonne Han
650-438-0823
DRE # 00811389
yvonne.han@sothebyshomes.com
0 votes
Bill Phillips, Mortgage Broker Or Lender, San Jose, CA
Sat Jun 2, 2012
Vernie, the trend today, in Santa Clara County in particular, for buying a home is that your Purchasing Power continues to increase. Purchasing Power means how much home you can buy based on your qualifications. Assuming that your income and debts remain the same, the lower the interest rates and home prices go, the more you can home you can purchase. Yesterday, mortgage rates hit the lowest that they have EVER been. Home prices seem to have flattened locally, with many areas starting to see increased competition, leading to over asking price "bidding wars". Almost 50% of home this past month went for over the asking price. This is manly due to historically low inventory, but this too is reason to beliieve that locally, prices are not likely to go lower. This is the most Purchasing Power I have ever seen in my 25 years as a Mortgage Consultant. Find out how much you can qualify for, and get a referral to a top notch Professional Buyer's agent and Realtor.

Let me know if I can be of service.

Bill Phillips
First Priority Financial - Silicon Valley
(408) 957-7600
http://www.TrustedLoanAdvisor.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat Jun 2, 2012
Hi there - markets are very local - here in New Jersey in the strongest of our markets, across price points we are seeing the same thing. I believe it is pent up buyer demand along with the amazingly low borrowing rates.

A good way to gauge any market is the Market Absorption Rate. It is a simple calculation - take the total active listings and divide by the number that have gone under contract in the last 30 days and the result, expressed in months, gives you a read on how long it is taking on average for properties to sell. A normal market is considered 5-6 months, anything less is considered a seller's market, anything more a buyer's market - by degree.

While I do not see the market skyrocketing anytime soon, I do see stabilization. The unique opportunity of the convergence of low prices and low interest rates is what continues to make the buying opportunity so appealing.

Best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
0 votes
charles butt…, Agent, san jose, CA
Sat Jun 2, 2012
Thank you for your question, Vernie:

The market has become a seller's market in the past few months. We are having multiple offers with overbids on many of the properties.

The economy in the Silicon Valley has improved considerably. Many employers are hiring again.

Rents are rising rapidly and I expect that those rents will continue to rise. The result is that owning a home is becoming far more attractive financially than renting.

Interest rates are very low. With a fixed interest rate loan of 30 years, your costs of owning a home are fixed, while rents will continue to rise.

The available land for building is built out. There are few opportunites for builders to build new homes.

I recommend that if you have stable employment and can afford to buy a home, now is the time to do so. Home prices are still artificially depressed due to the foreclosure crisis. The price that you pay for a home today is far less than you will pay in the future.

Thank you,
Charles Butterfield MBA
Real Estate Broker/REALTOR
American Realty
Cell Phone: (408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr@yahoo.com
DRE#00901872
0 votes
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