If you ask Realtors if they think that the housing prices have bottomed out, the answer you will get quite often is yes. Sometime between the summer of 09' and the end of the year the housing prices hit bottom. They haven't started moving up yet, but they seem to be pretty stable at this point. That's good news for the housing market. And very good news for all those home owners looking to sell their houses this spring and summer. With interest rates still very low, and inventory dropping slightly, if you have been thinking about selling your house and have been worrying about if now was the right time you can breath a little easier. Check out this video by Jim O'Sullivan the Chief economist for MF Global and see what he has to say about it by clicking on the money house below.
Have Housing Prices Bottomed Out?
Charlene Reinauer BH&G The Masiello Group www.CharleneReinauer.com
GREAT ARTICLE!!! WILL RE-BLOG IT!
I agree Charlene. Here in Northern Michigan seems like last fall the flood of new listings and price drops started declining and now most of the new listings are not Foreclosures so I think we are at least bottomed out. Looking forward to a great spring once the weather warms up.
I agree however if the jobs situation does not come back we will have a double dip.
Jobs need to happen. We did see an increase in property values in the Dallas Fort Worth area of 3%...
I've always thought that Case-Shiller statistics were too old to be meaningful to those of us in the trenches. For the most part they have a two month lag. I'm optimistic about the market because I see the real market in the Seattle area being only traditional sales now. Where a home owner has purchased more than for or five years ago and has cared for their home, chances are its value will be up were it to come back on the market now.
I worry more about interest rates going up and the end of the $8000/6500 tax credit as being significant impactors around here. Only time will tell that. But as always, if a person is in a life changing situation, death of a spouse, divorce, triplets just born, and a slew of others, it is probably the right time for them to sell and/or buy regardless of statistical reports, interest rates or other factors.
Jobs are still a major issue in my area, but I do feel like prices have bottomed out here.
Thanks for everyones comments. I agree that we need jobs to increase to keep things rolling. But it does sound like across the country things have hit their low.
Charlene Reinauer BH&G The Masiello Group www.CharleneReinauer.com
Most people do take out a mortgage to purchase a home, but with interest rates still in the low 5's it is still a great time to get a mortgage and seller's are often willing to help pay for closing costs. Many buyer's in our area are going FHA so are only putting down 3.5% towards the mortgage and asking for help with closing costs. So at 5% interest it is often as cheap to own as it is to rent.