Real Estate Today
November 21, 2011
We have much to be thankful for this time of the year. Our economy is improving ever so slightly. The local housing market is on the rebound. A year ago we had a nine month inventory of homes on the market. Today we have less than a six months supply. With less homes for sale and a pent up demand, housing prices are going to go up.
What does this do to those of us trying to sell? Now is the time to keep our homes on the market. Many want to withdraw their home from the market during the winter season, thinking that homes do not sell in poorer weather. Nothing could be further from the truth. While it is true that there are fewer buyers looking, those that are in need of housing are still actively seeing homes.
If you are a buyer, now is the time to buy before the prices go up. It may be time to put a home on your Christmas list. If one were to purchase a home in the next few weeks, realistically you could take possession before Christmas.
January typically is the third or fourth best month in number of homes sold. The reasons vary. But one is that people set New Year resolutions and goals for the next year. A new home might be one of them. As the saying goes: 'He who hesitates loses.' So if a new home is in your future, be an active participant in looking now. You will probably be glad you did.
Interest rates are still the lowest they have been for decades. The banks and lenders are lending money. There are several new loan programs now available. See your lender and find out how much home you can afford.
I am thankful that I live in such a beautiful valley and state with a wholesome family environment. The unemployment rate is improving. Utah ranks as one of the best states to work and live in. So when the skies are dark and gray and the wind is howling, and the snow keeps piling up, we can be positive and look forward to better days ahead. Until next week, keep smiling. email your questions to firstname.lastname@example.org