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Wouldn’t it be great if we knew how much our favorite stocks would be worth next week, or next month? Wouldn’t it be great if you knew what Real Estate and Interest Rates will do? You can. Better yet, I will tell you how to use this information to make sound decisions for 2010. That decision may be to buy, sell, or refinance, that part depends on you.
Let me clarify my position and information sources first. I have owned, managed, or built property all my adult life. I began purchasing property (aside from my residence) in Tompkins County in 1999. I currently work at Audrey Edelman/Realty USA, owned by Merle Whitehead. Realty USA is the largest Real Estate Company in NY and the 7th largest in the U.S. Merle regularly meets with legislators on a state and national level, and with other top Real Estate firms. Last week we met for a few hours and he confirmed what I have suspected for quite some time.
Interest rates will rise soon, certainly in the first quarter of 2010, and probably beyond. Let’s discuss what that means for you. If you plan to stay in your home 2 or MORE years, it may be a good time to refinance. Rates will never be lower. Rates are at WWII levels and are artificially low. The Fed will stop this practice in March 2010. I believe we won’t see these rates again in our lifetime. If you are thinking of selling in the next year, sell as soon as possible. Current prices combined with low interest rates give Real Estate the best affordability we have had in 25 years. People who can afford your property now may be priced out of the market when rates rise.
If you plan to buy, buy as soon as possible. Do you know about the $6,500 – credit for current homeowners? Call me for details. There is still an $8,000 first time buyers stimulus AND a $6,500 – credit for some people who are existing owners. If you are currently own this can help you TWICE. It helps the buyer of your home AND helps you get into your next home. If you want to own a larger, smaller, or more efficient home, whatever the reason NOW is the time to move.
The marketplace is BUSY. This is the most active I have seen the LOCAL market in early winter. Inventories are LOW in many price ranges. Two factors contribute to this. As people take advantage of the stimulus options inventory will be depleted. New construction has been reduced the last 2 years and especially the last year, nationally. As inventories of new cost are depleted, it will take builders several months to enough homes completed to achieve normal inventory levels. This suggests a spring SELLERS MARKET.
Yes, it is currently a buyer’s market in MOST of our local area. This is NOT true of all areas and all price ranges. Many properties under 200k are currently experiencing a very balanced market. We feel this portion of the market will soon be depleted. So, if you want to buy, buy now. If you want to sell, sell now while rates are low, thus getting the most for your home AND a good rate on your next mortgage. The higher in price your next home is, the more attractive the CURRENT pricing will be compared to “normal” conditions.
If you would like to personally consult regarding your Real Estate or would like a FREE COMPARATIVE MARKET ANALYSIS please call me today. My team is ready to help.