Thursday, June 11, 2009

Real Estate Outlook: Housing Rebounding – Get IN NOW!

The big economic news for housing this week is all about sales.

Housing sales and pending sales contracts are up, dramatically in the North Carolina area, and a rebounding real estate sector could soon start stimulating the broader economy.

Federal Reserve Chairman Ben Bernanke told Congress last week that essentially the worst is over, the housing market is stabilizing, and we're heading out of recession in the second half of the year. Pending home sales soared by 6.7 percent in April, the third straight month of significant increases, and the highest pending sale total for any month in the past seven years.

This is all great and fantastic news for the economy, and it means that YOU need to react and get into the game.

Low prices nationwide, combined with mortgage rates at near-record lows, have pushed the National Association of Realtors' Affordability Index into record territory. In April the index hit its second highest market ever, based median household income and the monthly payments needed to buy the median cost home.

On the mortgage front, applications to purchase homes continued to rise last week -- up by 4.3 percent -- according to the Mortgage Bankers Association.

But here's the sobering news: It's becoming increasingly clear that low mortgage rates are not going to be around forever. That is not a bad thing, it just means that you need to take advantage of the low rates now. Average thirty year fixed rates took their biggest jump in half a year last week on bond market jitters. The average rate for 30 year fixed topped five and a quarter percent, up from 4.8 percent the week before. And 15 year rates went to 4.8 percent from 4.4 percent.

So, if you are seriously considering getting off the sidelines - now that prices are back to pre-boom levels in some markets and sales are on the upswing, jump in sooner rather than later, if you want the lowest mortgage rates. Trust us, it is time to buy! Contact Rich Ferretti at Jamison Realty with any questions, and let’s get to house-hunting!

Rich Ferretti
Mint Hill Realty
Charlotte, NC
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