Working for the Weekend
It's Friday and technically it's the weekend. In real estate, however, there is never really a weekend. I think I've worked every day for the last three weeks. I'm not complaining mind you. It's just different to not really have an official end to the work week.
I'm reading a lot in the news this week about real estate and the housing market. USA Today had an article yesterday that said the housing market is shifting into a buyer's market. I've been saying that for weeks. We discussed this at our sales meeting Tuesday and the general consensus is that the market is actually becoming a more balanced market. We went a long time with sellers being able to get outrageous amounts for their homes and because they had fewer choices, buyers felt they were over the barrel to buy at any cost. No one was happy. Sellers weren't happy because they thought they weren't getting enough for their homes, buyers weren't happy because they felt they paid too much and realtors weren't happy because we were blamed for the market being like it was. This is a business where it's hard to please everyone. Now that the market is more balanced, I'm sure there will be those who won't be happy about it.
Mortgage rates continue to go up a bit too so buyers are holding back even though the market is tilting a bit in their direction. If you're thinking about buying, this is not the time to be holding back. Even with rates going up, waiting could mean allowing mortgage rates to get to a level where you can't afford to buy anything. Our mortgage expert, Michelle at Prosperity Mortgage thinks that Alan Greenspan won't raise short term rates in Dec. so as not to ding the economy too much around the holidays. She thinks he'll wait until Jan. and then turn things over to his replacement. We'll have to see.
Now, if you already have a home and you have an ARM that's nearing its adjustment period, refinance now to a fixed rate. You'll save yourself some money and you'll sleep better at night.
Lots to think about, lots to digest. If you have any questions about anything, please don't hesitate to contact me. Email me at angela.jones@longandfoster.com or call me at 202-494-6797.
Enjoy the rest of your day, enjoy your weekend too if you get one. Whatever you do, enjoy and remember, you can rest when you die.
I'm reading a lot in the news this week about real estate and the housing market. USA Today had an article yesterday that said the housing market is shifting into a buyer's market. I've been saying that for weeks. We discussed this at our sales meeting Tuesday and the general consensus is that the market is actually becoming a more balanced market. We went a long time with sellers being able to get outrageous amounts for their homes and because they had fewer choices, buyers felt they were over the barrel to buy at any cost. No one was happy. Sellers weren't happy because they thought they weren't getting enough for their homes, buyers weren't happy because they felt they paid too much and realtors weren't happy because we were blamed for the market being like it was. This is a business where it's hard to please everyone. Now that the market is more balanced, I'm sure there will be those who won't be happy about it.
Mortgage rates continue to go up a bit too so buyers are holding back even though the market is tilting a bit in their direction. If you're thinking about buying, this is not the time to be holding back. Even with rates going up, waiting could mean allowing mortgage rates to get to a level where you can't afford to buy anything. Our mortgage expert, Michelle at Prosperity Mortgage thinks that Alan Greenspan won't raise short term rates in Dec. so as not to ding the economy too much around the holidays. She thinks he'll wait until Jan. and then turn things over to his replacement. We'll have to see.
Now, if you already have a home and you have an ARM that's nearing its adjustment period, refinance now to a fixed rate. You'll save yourself some money and you'll sleep better at night.
Lots to think about, lots to digest. If you have any questions about anything, please don't hesitate to contact me. Email me at angela.jones@longandfoster.com or call me at 202-494-6797.
Enjoy the rest of your day, enjoy your weekend too if you get one. Whatever you do, enjoy and remember, you can rest when you die.
posted by Real Estate Girl @ 5:34 AM
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