Saturday, April 19, 2008
What Does It Take ??
I’ve been meaning to ask this question to consumers and what a perfect place to do so. What does the consumer look for in an agent when deciding to buy a property? Is it how the agent dresses, what kind of vehicle they drive, how long they have been in business, the name and location of the agent’s company or a referral made by someone? Does knowledge and experience mean anything? Understanding wants and needs? Do designations matter? How about how many properties an agent sells? What makes a good agent? Bring it on!
Friday, April 11, 2008
Good time or bad time to buy?
2008? The best year to buy?
Why are so many people still asking this question? I wonder? As a real estate agent I am confused as to why there aren't more buyers looking to scoop up some of the lowest priced homes since 2003. Don't get me wrong but real estate is still a good investment, right?
Well here are some of the facts. First of all, prices are down! Yes - this is a fact that most of you already know - but isn't that always the bottom line in real etstate, price? Which ever way you look at it, if you are looking to buy a home right now, you are probably saving at between $40K to $50k from last year alone. Hmm, sounds like a great deal to me, where do I sign?
If this fact alone doesn't have you running to the nearest agent let me convince you even further. Interest rates are low! Not by any means a shocking statement but a definite fact.
For example - today's advertised rates on http://www.milfordfederal.com/ a 30 year fixed "jumbo" mortgage is being advertised at 6.2%*, (*in which all rates are subject to change at any time, limited to MA, RI and Northern Connecticut and of course - restrictions may apply!)
So my point is, current advertised interest rates fall anywhere between 6% and 7.5%! This is definitely LOW, LOW, LOW! Sorry - got a little carried away there. Anyway, according to an article written by Bernice Ross and featured in Inman News on Friday, April 11th, 2008 "In the last two major buyer's markets, one in the early 1980's and the other in the early 1990's, the rates were much higher." She continues and says, "In the early 1990's, the rates were hovering in the 11 to 12 percent range." At those rates, people were flocking to the nearest realtor. So what is the major difference in the real estate market right now, you ask?
INVENTORY!!! Yes I said it! Inventory is overflowing and the suprising part of it all is people are still trying to sell. That is what was missing in the early 1980's and 1990's markets. Homes were literally flying off the shelves because they were such a hot commodity. AND at a much higher interest rate. So what gives?
In my opinion, there isn't really a better time to buy than right now. What else does a buyer really need besides low prices (have I mentioned waaay below town assessments?), low interest rates and an abundance of homes to choose from? Count me in with Bernice Ross when she states, "2008, the best year to buy a home in 35 years," in her article titled Push Home Buyers off the Fence. I agree!
Why are so many people still asking this question? I wonder? As a real estate agent I am confused as to why there aren't more buyers looking to scoop up some of the lowest priced homes since 2003. Don't get me wrong but real estate is still a good investment, right?
Well here are some of the facts. First of all, prices are down! Yes - this is a fact that most of you already know - but isn't that always the bottom line in real etstate, price? Which ever way you look at it, if you are looking to buy a home right now, you are probably saving at between $40K to $50k from last year alone. Hmm, sounds like a great deal to me, where do I sign?
If this fact alone doesn't have you running to the nearest agent let me convince you even further. Interest rates are low! Not by any means a shocking statement but a definite fact.
For example - today's advertised rates on http://www.milfordfederal.com/ a 30 year fixed "jumbo" mortgage is being advertised at 6.2%*, (*in which all rates are subject to change at any time, limited to MA, RI and Northern Connecticut and of course - restrictions may apply!)
So my point is, current advertised interest rates fall anywhere between 6% and 7.5%! This is definitely LOW, LOW, LOW! Sorry - got a little carried away there. Anyway, according to an article written by Bernice Ross and featured in Inman News on Friday, April 11th, 2008 "In the last two major buyer's markets, one in the early 1980's and the other in the early 1990's, the rates were much higher." She continues and says, "In the early 1990's, the rates were hovering in the 11 to 12 percent range." At those rates, people were flocking to the nearest realtor. So what is the major difference in the real estate market right now, you ask?
INVENTORY!!! Yes I said it! Inventory is overflowing and the suprising part of it all is people are still trying to sell. That is what was missing in the early 1980's and 1990's markets. Homes were literally flying off the shelves because they were such a hot commodity. AND at a much higher interest rate. So what gives?
In my opinion, there isn't really a better time to buy than right now. What else does a buyer really need besides low prices (have I mentioned waaay below town assessments?), low interest rates and an abundance of homes to choose from? Count me in with Bernice Ross when she states, "2008, the best year to buy a home in 35 years," in her article titled Push Home Buyers off the Fence. I agree!
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