Housing Prices Stabilize
Great news for the economy – it was reported today that housing prices have stabilized in over 60% of the nation’s cities. Median home prices are up in the majority of cities tracked by major indices and mortgage rates are holding steady in the 5% range for a 30-year fixed product. So what does this mean for you – the homeowner and the home buyer?
Well, if you’re a buyer, it’s still a great time to buy. Inventory is plentiful which places you in a favorable position in the market for negotiations (and mortgage rates are on your side, too). If you’re a seller, prices in your area are stabilizing which means that lowball offers are less likely and your home is less likely to be devalued by a flood of last-ditch sale efforts to avoid foreclosure.
Here are three things to think about, whether you’re a buyer or a seller in today’s market:
- What’s the most you’ll pay and the least you’ll sell for? These are great questions to sit down and go over with the Realtor so you enter the buying and selling process with a set of numbers you can deal with.
- How soon must I buy or sell? Everyone’s situation is different. Knowing your time frame will help your Realtor tailor their search and marketing efforts to meet your needs.
- Where are my finances? If you’re buying, it’s time to get your ducks in a row. Gather your financial information and meet with a lender before you shop. This gives you a stronger position at the bargaining table if you’re a pre-approved buyer.
Since summer is pretty much here to stay for awhile, we’d still love to meet our neighbors (even if you’re not buying or selling a home!). Check out our local events calendar for Ouray, Montrose, Telluride and Ridgway. We keep it up-to-date so you never have to wonder what’s going on in the San Juans!
We look forward to meeting you – stay cool!
The Staff at San Juan Realty, Inc.
Tags: home values, housing news
