Real Estate Market: Silver Lining in this Real Estate Market?

 August 2010

  Never has it been so apparent that the overall US economy and the real estate market are closely tied.  As we hear the news and the forecasts of a slowdown in the economic recovery, we are here to report the same news for the residential real estate market.  However, there is a silver lining! The first half of 2010 exceeded our expectations for activity.  The extension of the federal tax credits provided the catalyst that pushed many buyers off the fence and we saw activity in sales and closings not seen for several years.  Once June came, the activity has returned to levels of 2008 and 2009.  In many price points, the third quarter activity has been as low as 2003 units.  So where is the silver lining? The opportunity of a lifetime exists for a large group of potential buyers.  Interest rates are once again at historic low levels – hovering near 4.5% for a 30-year conforming loan.  Inventory levels have risen again, providing plentiful choices in what is clearly a buyers market.  If you have job security, good credit and a little cash to put down, don’t miss this chance to take advantage of the best buying opportunity our generation will likely experience! If you are curious about the real estate market activity in your neighborhood, we have an awesome tool we have developed for you called my “Market Report”.  This tool provides you with a summary of every home active on the market plus a summary of the recent sales.  The e-mail you receive features links to each property details page on our website as well as a statistical analysis of the neighborhood market and the market in your local town.  The feedback we have received is incredible.  If you are interested in receiving this report from us, please call, e-mail us or visit the team website. Best wishes for a fantastic (and cooler) fall season! The Lee Ann Miller Team

He/she who hesitates pays more!

How Mortgage Interest Rates Affect Your Payment One positive outcome of a slow economy has been historically low interest rates. But as the economy begins to improve, industry experts predict that interest rates will creep up, perhaps even reaching 6 percent by the end of 2010. While prices are likely to remain low, consider what even a small increase in interest rate can do to your monthly payment. On a $200,000 loan, an increase from 5 percent to 6 percent would result in $125 more per month, or $1,500 annually. Contact us to get the current rates for your new loan or refinance.