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MARCH 2011 - REAL ESTATE UPDATE!

Gradual progress in the housing market continues at a steady pace without government support. The market has shown remarkable improvement from the initial drop after the expiration of the home buyer tax credit this past July. Although higher-than-normal distressed sales skew the overall picture of home prices downward, inventory continues to shrink and sales continue to rise.The rock-bottom interest rates of 2010 are likely to trend upward.As economists anticipate rates at or above 6% by the end of 2012, buyers are moving off the sidelines and into the market.  A good sign for long-term market stability is that the median down payment on conventional mortgages has risen to 22%, up from 4% in 2006 and slightly above the 20% standard in the 1990s.  This may keep buyers looking in slightly lower price ranges, but it is a good sign of future sustainability for homeowners and banks alike. There are still ample opportunities for those who would like down payments below 20%, including some conventional mortgages and those backed by the Federal Housing Administration, Veterans Affairs, and  the Department of Agriculture’s Rural Development loans. As the economy improves, stimulus efforts by the government and the Federal Reserve Board will gradually wind down, which typically means rising interest rates. Meanwhile, buyers continue to benefit from historically favorable buying conditions and sellers are encouraged by increased market stability.   Home Sales in millions The increasing trend in existing home sales activity continued through January, and for the first time rose above year-ago levels when the home buyer tax credit was in effect. This marks the sixth monthly increase since July when the tax credit expired, and indicates a recovery that’s gaining a firmer footing without government supportHome Price in thousands Home prices softened in January with median home prices decreasing slightly to $158,800 - 3.7% below the year-ago level. Contributing to this is a larger share of distressed homes sales, which accounted for 37% of sales in January compared to 30%-35% throughout much of 2010.Prices and mortgage rates remain favorable for buyers. Interest Rates Mortgage rates jumped above 5% for the first time since April 2009 in January. While rates dipped back to just below 5%, they are expected to continue an upward trend throughout the year. As overall economic recovery remains on track, rates will likely rise to keep inflation in check.Buyers wanting to capture the savings in monthly payments that a historically low interest rate affords are expected to take advantage of excellent buying conditions.

By KELLER WILLIAMS REALTY Lauren Toronto, Realtor

Why NOW is the time to Buy!

No doubt you've heard the news: the housing market hit a rough patch last summer. Sales of existing homes declined at a rate that took many by surprise, sending pundits into a "what's next" tailspin. As the prognosticators pondered, savvy buyers didn't miss a beat. They got that the doomsayers were taking a one-dimensional view of the buyer's market and thatmarket skittishness gives rise to an even more favorable climate for buying a home. Recent history has reframed some of what had long been taken for granted about buying a home. Namely, we've learned thateven though buying a home remains one of the best and safest investments available, a home should not function as an ATM or a short-term speculation strategy.   So, where does that leave us?   A lot smarter, able to recognize an opportunity when we see one, and aware of the facts that point to NOW as theprime timeto buy a home. Doug Duncan, Fannie Mae's chief economist, contends that further intervention at the federal level will be counterproductive. At today's rock-bottom rates, buyers stand to save $8,000 many times over duringthe course of a 30-year mortgage. News Flash! Another $8,000 tax credit is off the table At a Glance: Why NOW is the Prime Time to Buy! Home affordability is at an all-time high.The median mortgage payment on the median priced home as a percentage of the median household income is lower than it's been in a generation. Mortgage rates are at rock bottom.It's hard to imagine interest rates going much lower, and when they start to inch back upwards, monthly payments and total loan costs will spike upwards. Home prices are back on the rise.After declining for 30 months, home prices are trending back upward. The time get in to the market is NOW! Sellers are motivated.This means that buyers have the upper hand! From banks looking to dispose of foreclosed properties to homeowners who are fiercely competing among an excess of housing inventory, buyers have untold choices and negotiating power. Financing is readily available!Banks are back in the game and ready to lend to well-qualified buyers. Owning vs. renting is increasingly favorable. Since 2009, the average principal and interest payment has fallen below the average rental rates, and the gap is now wider than it's been in the past 22 years. Homeownership is still at the core of the American Dream!Owning a home is critical to financial stability and wealth building. It's a forced savings account, a place to live and a fabulous tax deduction.

By KELLER WILLIAMS REALTY Lauren Toronto, Realtor

Buying a Home: How Rising Interest Rates Will Impact Affordability

In a recentForbes blog post, multimillionaire hedge fund manager John Paulson declared that today's record-low interest rates made this the best time to buy homes in fifty years. "If you don't own a home, buy one," Paulson said. "If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home."  Why should we care what Paulson thinks? Well, he was among the few to accurately predict the subprime collapse and, while no one has a crystal ball, a closer look at the numbers supports his call to action. Historically low interest rates are the key…and they aren't likely to hang around for long. As published by Keller Williams Realty ("SHIFT"), buyers who "choose to wait until prices come down more" are gambling that interest rates will hold steady or drop. The truth is even a 10 percent drop in home prices is nullified by a 1 percent increase in interest rates. The figure below illustrates how this works for a $250,000 home purchase and the relative likelihood of each scenario. To figure out which was a smarter bet–counting on home prices to fall further or interest rates to rise–KW's research department took the last ten years of monthly home price and mortgage interest rate data and ran the numbers to see which was more likely: an increase in mortgage rates or a further drop in home prices. Here's what we found: A one percent increase in mortgage rates is ten times more likely to happen than a ten percent drop in home prices. A one percent rate increase more than offsets a ten percent reduction in home prices. When interest rates fall by one percent, the total interest paid is almost three times more than the interest savings from a ten percent drop in home prices. The probability of both happening at the same time is ridiculously small, and homeowners would still pay 15 percent more in interest over the life of the loan. Interest rates have dominated the news in recent months as we've shattered record low after record low. Potential home buyers need to understand the positive financial impact low interest rates have on the cost of home ownership and the thousands of dollars that can be saved over the life of a typical mortgage loan. For those who can afford to buy, trade up, or invest, our current market presents a lifetime opportunity.

By KELLER WILLIAMS REALTY Lauren Toronto, Realtor