Interest rates are at historic lows… leading to incredible affordability.
Picture of the "Gingerbread House" in Essex, Connecticut, USA (Photo credit: Wikipedia)
Entry level inventories are at historic lows… leading to some price strength at base price levels.
Still some weakness at some “move-up” price levels… leading to great deals on homes at those price levels.
For a while now, many of us in the real estate world have been saying two things. First, until jobs come back and people feel secure, real estate would struggle. Second, the market wouldn’t come back until “move-up” buyers were in a position to make a move.
I don’t know that the majority of consumers are “comfortable” with their job situation, but when they are, the deals will start to dry up. Those that get off the fence early will have the best choice of bargains… and inventories are actually dropping.
Move-up buyers had been somewhat locked into their homes with crappy resale values. They couldn’t afford to move out and be in a position to put anything down on another house. But now that there is a bit of stability in in the entry level, more of those buyers ARE able to sell and move up the market.
If you want to see if you are in a position to trade up, give me a call. Lane Bailey 678-200-5895.
