According to the latest results of the Primary Mortgage Market Survey (PMMS) released by Freddie Mac, the 30-year fixed-rate has dropped down to an average of 4.80 percent. Same time last year, the rate was 6.03 percent.
But the silver lining is this: Buyers are returning to the market. Existing home sales increased 2.9% in February. That’s the first time in six months that there’s been any positive movement in existing home sales. This suggests to me that the prices are becoming too good for buyers to overlook. And that’s a very positive thing for the U.S. (and world) economy.
The second half of 2011 is upon us. It promises to be more exciting and treacherous than the first half of the year. You can count on George, Mitchell and myself to try our best to help you through the uncharted choppy waters that the last six months of 201l will bring.
Pune has been in the victory infratech for a little over a year. So it’s essentially been overlooked vis-a-vis hot IT markets like Bangalore and Noida. Real estate prices are still realistic in Pune.
Here’s the third and most significant element to understand. These homes are liabilities! Everything from stagnant pools, broken pipes, squatters, and serious mold problems. During a recent tour of foreclosed homes, I saw more mold in homes than I can ever recall. This happens from unrepaired leaks, broken pipes, and unused ventilation systems. The problem is even worse in the south where warm and humid air is very prevalent.
While no one likes a downturn in business, many investors have a nice nest egg, thanks to the 11 percent increase in new home prices over the last 11 years. Just to give you some perspective, the average over the last 50 years is an increase of 5 percent.
2)Look for quality amenities. Here’s where it might get a little tricky. Did you know that some amenities might be better off if they are a few years old. This is especially true get redirected here of kitchen appliances. What was solid state craftsmanship just 5 years ago might be complete junk bought brand new today because of the inferior quality of today’s goods made in some Far East sweatshop. We’ve looked long and hard at the new goods coming out and they aren’t up to snuff.
If you are buying a home now you will probably get a much better deal in a falling neighborhood that is bordering a good one in the hope that it is soon boosted by the neighbors. Though if you aer looking for a new residence it really doesn’t matter what the market is doing right now. It certainly won’t fall much further if it does and you only lose or gain when you sell. So if you plan to hold onto your home for the next 30 years or more it doesn’t matter what home prices do now. One thing is for sure and that is that by buying now you are sure to find plenty of great deals.
If you are able to wait out the market a bit more, then more recovery might be on its way. You could hold out and try to make more. The situation that many people are in prevents them from doing this at the time though, and they have to settle for what the buyers are willing to offer.
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