Thursday, January 10, 2008
More Good News!
Are we going to let the negative media hype control our destiny? I prefer to concentrate on the strengths that exist in today's market when speaking to my sellers and buyers? Below are some recent, positive quotes about the real estate market: In his 2008 outlook, Laurence Yun, chief economist for the National Association of Realtors points out that this year will be a year of opportunity...One of the biggest mistakes that reporters make is talking about national trends. Nationally 2007 was the Fifth Best year ever on record! "2008 represents the best window that buyers will have to find excellent deals along with excellent financing." Walter Updegrave, CNN Money said last month, "Buyers: Don't try to time the market...Assuming you can figure out the ideal time to buy- that is, when prices have not only hit a trough, but are on the verge of rebounding...the best time may have already passed. An article in "Spotting Market Bottoms in 2008, Strategies for Home Sellers" reads, "with the value of the U.S. dollar low and real estate prices dropping, it isn't hard to imagine foreigners taking bigger positions in properties here as part of their overall portfolios." Rates Fall on the first economic report of 2008 according to Holden Lewis of BankRate.com on January 3rd, 2008. The benchmark 30 year fixed rate mortgage fell to 6.14 % according to BankRate.com, a national survey of large lenders. The 15 year fixed rate fell to 5.76% , the 1 year adjustable fell to 6.1% and the 30 year jumbo, for mortgages over $417,000 fell to 7.2% Now really is a good time to buy!