Housing Market Update....
Is NOW the time to sell???
Dear friends,
I am asked this question just about daily, is now the time to sell??? I am here to tell you without a shadow of a doubt YES, there is a small window of opportunity to sell before prices drop even more. Here is what others are saying that know more than I do:
- Zillow.com reports that there will be a 32% increase in homes for sale in the first 3 quarters of 2010 (More supply, same demand brings prices down)
- Yahoo Finance 10/09 predicts that, nationally, the median home price will drop 11.3% by June 30, 2010.
- USA Today estimates it will be 2012 or later before excess supply of homes will be substantially depleted and new construction will be needed to meet the demand.
- CME Group predicts that it will be November 2013 before we see prices back to where they are today.
The tax credit has given us a window of time to sell before home prices drop more. The tax credit--for first time home buyers and folks who have owned a home now for 5 of the last 8 years--will come to an end April 30, 2010. Also, when the government stops backing/buying the mortgage notes at the end of March 2010, we will most certainly see an increase in interest rates. Call today or put our "Pro-Active Marketing" to work for you and get your home sold soon............
Until next month,
Howie Boeve & Company