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I’m not going to break out the Magic 8 Ball to decide how the market is doing but I will say this: it could be any number of things for any number of people in a host of various situations. Yes, this is vague and no, you probably won’t get a more precise answer than this – until we meet and talk about your real estate situation.
As I
mentioned in my video, one of the most commonly asked questions I get asked on
a daily basis pertains to how our local marketplace is doing in terms of real
estate. My answer is always, always “It depends” and I answer that for one
simple reason.
The
market can be going great for one person while it might be a super tough one
for another. To figure out how things are going as they pertain to you, you
need to know exactly what your situation is and evaluate the circumstances.
Some of
the various situations could be:
Cash
buyers that are able to forego any mortgage contingencies.
Sellers
involved in a short sale requiring the bank’s involvement throughout the
process.
Homeowners
that are selling a property that is owned free and clear.
Someone
that owns multiple properties and wishes to liquidate quickly.
Buyers
that have relocated to a new area for a job and need to move in ASAP.
People
who’s homes are being bought by a company for them as part of an employment
package.
The list
goes on – and so do the possibilities.
The
bottom line is this: No two people will get the same answer to the question “How
Is the market doing?”
But for
you folks that want to hear some basic goings on in our local marketplace,
here’s a snapshot:
We are
hovering near the bottom of the market – down anywhere from 2% to 5% depending
on price range and it seems we will stay at this point for at least another
three to five years.
Interest
rates continue to be at record setting lows in the 3.5% range for most 30-year
fixed rate mortgages. The Fed is not expected to raise the base rate until
2014, giving us plenty of time to take advantage of the current opportunities.
Once we
do get past this time period, we can expect a modest level of appreciation
(possibly in line with the inflation rate) but once again – it will depend on
global economic influences.
~
If you
would like a customized look at your real estate situation, feel free to
contact us today at either 203.727.8621 or via email at andysachs@CBMoves.com.
