Real Estate Market Update January 2009
The 2009 spring real estate market is picking up early this year with Buyers encouraged by low interest rates and increased affordability. While it certainly isn’t a Seller’s market– prices appear to be stabilizing and are no longer in free-fall mode. So if you’re contemplating a move for work, lifestyle change or other reasons this may be the time to list your home and get it sold.
On another positive note: For everyone out there with variable mortgages that have seen their home values plummet from the peak, just think about how much more of your monthly payments are going towards principal and not interest. Some people have seen great reductions in their total amortization periods due to the fall in interest rates. A silver lining indeed. It may also be the perfect time to consider re-financing as fixed rates are likely at their lowest points for the short to medium term.
For those thinking about Buying your first home or investing in real estate, it’s definitely time to start looking. Some are even predicting prices to rise slightly in the Spring.
Start your planning process with a call to the Gannon’s.