Buying and Selling for 2015 Real Estate market is poised to be fast paced and full of action this year as median sale prices of U.S single – family homes and condos reached their highest levels since September 2008 this last October. Listing season is knocking at our door and its time to get prepared for what opportunities await you if you are interested in buying or selling your home this season!
The bad news is that markets across the country are expected to slow to a home value growth of approximately 3 percent per year. This is down from the 6 percent home value growth per year we have been seeing recently. The good news is that median sale price of homes and condos are up, so for the majority of you looking to sell you are likely to do well listing your home in the present market.
With a market that is stabilizing and becoming much more balanced than what it has been for some time now buyers have something to look forward to as well. A balanced market means that buyers who enter the market can expect to get a home for a fair market price (and sometimes better) as there will be more inventory to choose from.
Mortgage rates are down nearly 0.7% from this time last year according to a recent article at BankRate.com. This is great news for those of you who would like to sell your current home and acquire that home you’ve been dreaming about. You know the one with amenities like a screened in patio with an attached deck, a lower level walk-out, or larger lot with mature trees, maybe even a lakefront home!
With rates where they are now, first time home buyers can enjoy finally becoming a home owner and still meet their budgetary needs. For those who qualify, the Federal Housing Administration has lowered many of the associated costs regarding the mortgages they support. For example the premiums for FHA mortgage insurance are to be cut from 1.35% of a loan’s value to around 0.85%!
As you can see 2015 is primed and ready to please both seller and buyer alike. If you are looking to buy or sell a home remember that I am here to help. Click the big green button under “Questions? Ask me, I have answers” to contact me by phone or email.
Lets get started on the next chapter of your life today!