Wednesday, August 25, 2010

Still a great time to BUY or SELL

The National Association of Realtors (NAR) revealed a grim picture of the real estate industry in the report released earlier this week.  Today's Wall Street Journal article predicts a further drop in home prices.

The question is - how does this news apply to you?  All newspaper articles refer to national averages however there are pockets of certain locations doing much better than national averages.  Best practice would be to get local market statistics from your real estate professional.  Recent article in a local newspaper The Mercury gives some numbers for Chester County.  Check out the Downingtown price trends over the last 10 years in one of my earlier blog posts.  Sure the prices have dropped since the peak 4 years ago - but if you bought the house 6 years ago or more, you are still building equity.

Homeowners holding off on selling their homes because they are hoping for the market to recover may want to consider how much longer are they willing to wait?  What are the odds of the prices rising in the near future?  If you have equity in your home - it is still a great time to sell.  Don't let your house keep you from living your life.

Buyers have a choice of the highest inventory levels and lowest mortgage rates in decades!  Why not take advantage of this market to fulfill your dream of home ownership.

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