1) Interest Rates: 30 year fixed-rate averages are at or below 4 percent for the 3rd consecutive week. "Mortgage rates were little changed this week just as the economy is showing potential for further gains in the near term. Retail sales rose for the fifth straight month in October and beat the market consensus forecast. Meanwhile, consumer confidence rose for the third consecutive month in early November to the highest reading since June, according to the University of Michigan's sentiment index. Lastly, homebuilder confidence exhibited a back-to-back monthly increase in November to the strongest level since May 2010, based on the NAHB/Wells Fargo Housing Market Index." Frank Nothaft, vice president and chief economist, Freddie Mac
2) Ann Arbor shows great promise for growth and property appreciation: Realtor.com named Ann Arbor in its list of “Top Turnaround Towns.” According to Realtor.com “With prices up and inventory down, the No. 10-ranked Ann Arbor fills the last spot on the turnaround report. According to Realtor.com’s October data, median list prices increased more than 8 percent year-over-year, while total inventory is down almost 25 percent. Home sale prices are also steadily increasing, and rose 4.4 percent for the year. The supply of homes is now considered balanced, with a months’ supply at 6.8 percent, a decrease of 11 percent.”
3) Home Affordability: If you are currently shopping for a home, then you are the envy of many of your home-owning friends. You have probably heard this many times “I wish I was purchasing a home right now, do you know how much I paid for my house in 2004?” According to well known consumer economist Clark Howard “Home prices are very low, creating a unique opportunity for people in a position to buy a home. The affordability index for homes is at its best level in the 41 year history of the home affordability index. That means that home buyers are getting more house for their money, and better interest rates.”
This is a wonderful time to take advantage of local market conditions and historically low interest rates!
REMINDER: U-M projected in March that Washtenaw County would add 8,000 jobs in 2011, 2012 and 2013.
Buying a new house or property is one of the biggest investments you will make and should be taken seriously.
ReplyDeleteAffordability is one important factor to consider when buying a house. However, an affordable house must still come with excellent quality! The buyer always has to make sure that the house he or she's about to buy fits all of his or her qualifications. Quality is what the customer says it is!
ReplyDeleteA roof should be on the minds of homeowners who have to endure harsh northern winters. While the roof might not be a purchasing point when someone is buying a home, a faulty and poorly maintained roof can be a deal breaker when it comes time to sell your home. A neglected roof is an eyesore and can depreciate the entire value of a home in the eyes of a purchaser.
ReplyDelete