Time is money. You’ve heard that often. Today it bears repeating because in the current market, time is of the essence! Frankly, now could be the best time for you to make your real estate moves. The real estate market’s vital signs — fewer properties for sale, fewer new foreclosures, a steadily improving economy, and interest rates still near historic lows — underpin why our local real estate market is inviting and affordable both to home buyers and sellers.Interest RatesMortgage interest rates have been very low for quite some time. If you’ve been sitting on the fence, unsure if it’s the right time to buy — or sell — waiting may cost you money.What does this mean for you? It means you can buy the most home for your dollar today — or save a few bucks and get a smaller home that still fits your needs. If you’re selling, it means more buyers may be able to afford your home today compared with the future, once interest rates go up.Properties For SaleAccording to the National Association of REALTORS®, the number of homes for sale nationwide in the past half year has been at — or, even at times, below — the lowest supply level of homes for sale dating back to the boom times of 2005.What does this mean for you? If you have a home to sell, and it’s priced right and in a good location, it will sell quickly. If you’re looking to buy a home, prices could rise if the number of available homes stays relatively low. Contact us to find out what the current inventory of homes for sale looks like in our area — or what your home might sell for today. With inventory low, if you choose to put your move-in-ready home on the market, it could have a sold sign on it within days!ForeclosuresMany foreclosures today are indeed keeping prices down, but only in areas where there are numerous foreclosures. Generally speaking, the number of foreclosure homes on the market and “shadow inventory” (homes at risk of being foreclosed) is shrinking as economic conditions gradually improve.What does this mean for you? If you’re in the market for a value property, we can narrow the focus to foreclosures and distressed properties to find that gem. If you’re in a situation where you believe you may not be able to afford to sell at today’s prices, contact us confidentially for a consultation to review your options.State Of The EconomyThe areas where home prices and rental rates will rise include places with high job growth. Check employment trends. Look around at area corporations. Are they hiring and posting gains? If so, it’s a good place to live. Research rental vacancies both of homes and apartments in our area.What does this mean for you? We can help you determine what the real estate and rental markets are doing in our local area — to help you decide whether you should buy or sell a home — or invest in a rental property for income.Take ActionGive your local Real Estate Professional a call to find a local mortgage lender who can help you finance your new purchase or ask us for a comparative market analysis on your own home to find out what it can sell for in today’s real estate market. BUYING NEW?We’re On Your SideAre you in the market to buy a new-construction home? Buyers Agents represent your interests during the purchase. Remember: The builder is looking out for his own interests during the transaction, and we can help you negotiate, get the best deal on incentives, upgrades, financing, plus work with the inspector and handle other issues that arise during construction. TAX UPDATEHome-Buyer Tax CreditOver the past few years, the federal government has offered various incentives to home buyers including interest-free loans to first-time home buyers, then tax credits for first-time home buyers and finally a tax credit for move-up home buyers.If you’re in the first group who are paying back the original $7,500 tax credit, check with your tax professional about how best to handle the repayment submission. In many cases, you may be able to add the repayment amount directly to your 1040 tax form. See if you qualify for this option.
