Finally a serious positive sign for the real estate market

For those waiting for some positive signs and news about the real estate market, the surprising positive market numbers from December are worth paying attention to. One month of positive numbers doesn't indicate a trend but it was far better than a decline. This at a time that seasonally is a slow time in our industry. We can tell you, there are alot of great homes on the market, interest rates are still very low, and sellers are willing to negotiate. These things plus signs that we are heading towards normalizing could be the formula for a reason to climb down off of the fence. Stay tuned for more articles and information on market indicators.

This video is from this morning on MSNBC. It references an article released today from the National Association of Realtors that I linked to below.

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A Good Time to Buy:
NAR President Charles McMillan said it’s an excellent time for first-time home buyers with good jobs.

“The typical buyer plans to stay in their home for 10 years, which is the correct approach in today’s market,” he said. “With historically low mortgage interest rates, flexible sellers, a large inventory, and homes that are selling for less than replacement construction costs in much of the country, buyers who’ve been on the fence should take a closer look at today’s market.”

McMillan added that first-time buyers may want to consider an FHA loan, which offers downpayments of 3.5 percent on a safe 30-year fixed-rate mortgage.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.29 percent in December from 6.09 percent in November; the rate was 6.10 percent in December 2007. Last week, Freddie Mac reported the 30-year rate was 5.12 percent. Source: NAR

Here is a link to the entire article from the National Association of REALTORS

Call us today if there is something we can do to help. You can begin a search for homes in the Wilmington market by clicking on the MLS search link on the right side of this page. Call Eric directly for Commercial listings.

Eric and Rhonda Rei
"Your Best Move"
910-232-8721