(We’ll see it through)
Is our economy improving? This is an excellent question. One of the most painful parts about the recession is the current loss of jobs. Since the first quarter 2008 there have been approximately 6 million jobs lost in American and we have yet to hit the rock bottom.
The price of purchasing a home continues to be at record low pricing. The real estate market is saturated with foreclosures, short sales and not yet completed renovation investment homes which are approximately 50% of recently sold homes. Most purchases have been 1st time ownership entry level homes priced under $450,000.00.
For example a family with an income of approximately $65,000.00 can purchase a home with the sales price of up to $300,000.00. Home buyer incentives of the current tax credit of up to $8,000.00 if purchased in 2009, lower mortgage interest rates ranging from 4-6%, and low home prices are a winning combination for many families with the vision of homeownership.
To have the recovery turn around, I suggest we continue to watch for the tangible factors of recovery, there are a few key developments ; the number of foreclosed homes, short sale homes and other types of distressed homes sales must declining, long term home owners beginning to see values increase again, employment numbers begin to increase while unemployment declines and we begin to feel comfortable and secure in utilizing our purchasing power for the items we enjoy.
The spring and summer months are the largest volume of real estate sales, now is an excellent opportunity to take advantage of the values offered in the industry. For all your real estate needs — Our Land Realty & Funding, Deborah Matthews, Broker 510.704.0644 ourbroker@hotmail.com
(c) Deborah Matthews
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