The Wall Street Journal recently ran a story “For some, it’s finally time to dive into the housing market.”
The Journal quoted a new home owner “six months ago, I didn’t think I would ever own a home. Now I do. It’s so perfect.”
It seems that buyers are noticing that the lower prices and great mortgage rates are two factors that equal great deals.
Mortgage rates are near historic lows. Thirty year fixed rates last week averaged 5.2 percent, down from 5.3 percent the week before. Fifteen year rates average a flat five percent.
We still have a long way to go but if you ever thought about buying a home this would be a great time to investigate your options. You might be pleasantly surprised.
Is The Market Looking Up?
Good news, sales are up across the country over 7 percent from July to August.
In the West are experiencing a huge surge in the number of sales being registered on real estate boards across the region.
The trends over the last two quarters show that the real estate market across the country is slowly beginning to show signs of life. The National Association of Realtors, sales data shows that we are experiencing very healthy sales increases from the 1st quarter to the 2nd quarter.
California was up 25.8 percent followed closely by Nevada at 25 percent they are also showing an increase from 2nd quarter 2007 to 2nd quarter 2008. California, up 3.7 percent and Nevada up 18 percent. sales in the west had jumped 37 percent.
Let’s all keep our fingers crossed that the new administration is able to correct the current credit crisis, which will determine if the trends for the up coming year.
