You might have noticed (then again, you might not have) that I have been somewhat derelict in my posting duties lately. Yes, sadly it’s true. My last post was August 2nd. My my, how time flies when you’re having fun. But never fear, I do intend to begin writing again soon – providing you with the latest and greatest real estate info you could ever hope for (insert grin here).
So what, you may ask, have I been doing rather than writing articles for the blog? For one thing, I’ve been working! This has been a busy year for real estate. We’ve had several lean years recently, but everything has come together to make this a great year for those of us in the business. Interest rates hit historic lows, prices were still down, and pent up demand for housing was high. As a side note, you might have noticed that interest rates are gradually rising again. While we were down around 3.125% for while, 30 year conventional loans are up around 4.5% now. Still not a bad deal, just not as good as a few months ago. I told you back then that you should buy! On the sellers side, we’ve still got an inventory shortage. Sellers are seeing rising prices and many are still holding out for prices to recover even more. What they may not realize it that prices may, or may not, continue to rise. My prediction (and that’s all it is) is that prices won’t drop drastically without another worldwide financial meltdown, but I don’t think they’ll continue to rise at current rates either. I do think they’ll rise, just not as fast as they have been lately. Holding out to sell might not gain you all that much. As interest rates rise, buyers – especially first-time cash strapped buyers – are finding it harder and harder to qualify for loans. If you’re thinking of selling, I’d do it right now rather than wait.
I just read an article that says lake homes are selling well again. If you own a home on a lake, this might just be the perfect time to sell it.
That’s it for today, I must get back to work now.
And don’t forget to ask me questions – I love trying to answer them for you. I may not know all the answers, but I’ll bet I know more than your next door neighbor – unless they’re another Realtor (and maybe even then!).
As always, happy house buying and/or selling!