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INFO THAT HITS US WHERE WE LIVE...The great opportunity now is for home buyers to get a mortgage at an historically low rate. Freddie Mac reported national average mortgage rates set new record lows last week. But according to most observers, buyers shouldn't expect further rate dips. Lenders are seeing plenty of loan volume, so they don't have to lower pricing to get more activity....refinancing may soon be the word of the past.
Opportunity was also one of the themes in Fannie Mae's August National Housing Survey, where 69% of Americans polled say now is a good time to buy a home. And in spite of all the talk about more price declines, people expect home prices to dip only 0.5% in the next year. This is why some observers feel we're at a price bottom now. A strong 46% of Americans expect rents to go up in the next year, so that should motivate purchases as well.
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Again, it also depends on what market you are reviewing. Real Estate is local in nature. While national trends strongly influence the market, local trends are an important influence, too. (Local employment, industry, inventory, etc....)If you are asking about the housing sector as a whole, some "experts" believe bottom is yet to be found.
If you are searching for the bottom of a particular market, it doesn't hurt to ask a Real Estate agent in that locality to produce factual information, to help you reach your own opinion.
Thanks to sites like Zillow and other sources of information available to the public via the internet, most Buyers today are educated on the market conditions. Sometimes I am asked my opinion on market conditions, but usually my Buyers are already informed. My Buyers are mostly looking for me to find them the perfect property.
In the Cape Coral/Fort Myers market, experts are saying the Lee County market has hit bottom. The article is titled "Experts say Lee County housing market has hit bottom." The article can be read in full at news-press.com and was published September 14, 2011. Also this week, Forbes.com published an article that Cape Coral area was one of top cities (behind San Antonio) for employment. I agree, "perfect" is an ideal. It is a term that is used frequently. I don't take it literally when one says "it's perfect". Also, when I say "perfect" I don't mean it literally. I am sure the good Lord made many perfect creations in the world and if I time to ponder on the word, I am sure I could name a few.
I do pay attention, as I always have to other sources. Have a Perfect day!
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