April 2011
The economy in late 2010 may have grown at a quicker pace than analysts previously thought. The GDP was up 3.1% in the last quarter in 2010.
According to Radarlogic, “The month to month real estate decline through 1/20/11 was smaller than during the same periods in each of the last 10 years…both in percentage terms and terms of the number of transactions. February foreclosure filings were down 14% month to month and a 27% drop from 2/2010.”
The market needs to be looked at with longer termperformance. Larry Yun, NAR Chief Economist said, “Home sales have trended up nicely since bottoming out last June. Contract activity is now 20% above the low point immediately following expiration of the home buyer tax credit.” Home sales are expected to rise 5-10% this year with the economic recovery and excellent affordability conditions.
Yes you will more than likely have to take a monetary hit on your existing home. The incredibly low rates coupled with the falling prices on your home purchase make for a super opportunity in real estate. You can buy more for less and just think rates for a 15 year at 4.2% and a 30 year at close to 4.8%.
Just wishing you a Happy Spring and please call me and keep me in mind for referrals. I appreciate you thinking of me for any of your friends, co-workers, relatives, neighbors, etc.
Sincerely,
Lisa Cupini
Broker/Owner
Cupini Realty