Berkshire Hathaway HomeServices Fox & Roach, Realtors is out with the Summer 2014 Chairman’s report looking at the current housing market and prospects for the future. You can see the full report here, but some highlights include continued good news for buyers:
The continued good news is that homes are incredibly affordable right now. Home prices hit bottom in 2011 and price appreciation since then has been modest. Interest rates may not be under 4% anymore, yet put in perspective, it wasn’t that long ago that a five or six percent mortgage rate seemed attractive. As the economy improves, the Federal Reserve will continue to relax its interest rate easing policies, and rates will go up.
There are quite a few buyers looking for a home right now, and when a house comes on the market priced well and in good condition, they, too, will recognize a value when they see it. If you know that a house you like is priced right, move ahead on it quickly so you don’t lose it to another buyer.
This is some of that they predicte for sellers:
Consumers are still cautious. They are looking for a home that meets their family’s needs and provides good value over the long term. And, changing mortgage guidelines have gone far in ensuring that those who buy a home truly qualify for the financial responsibility.
Even with the above caveats, this is a good time to sell. There are many buyers looking for homes, and if you are selling in order to buy a new home, you are assured that prices have hit bottom and interest remains low.But be aware: if your listing fails to generate a lot of activity and a “SOLD” sign within a month, then the market is sending you a message.
The full report is worth a read and you can get more information about the local market by contacting Anne Koons to learn more before you buy or sell:
