So many of you have asked, "when will my home be worth what I paid". Here's some thoughts:
Why The Shortage
Of Available Homes?
Some homeowners
are hoping to recoup losses on their homes before listing them for sale. This
could be a risky decision, as many economists have previously characterized the
last peak of the housing market to be a “bubble,” or an abnormal spike in home
values. In some markets cash buyers are snapping up homes and
making it difficult for mortgage-dependent homebuyers to compete.
Another common
scenario that presents challenges to home buyers in areas where homes are in
high demand occurs when there are multiple purchase offers for one
home. Buyers who rely on mortgage loans for financing their
home purchase can improve their chances by being pre-approved for a mortgage
before shopping for a home.
Rising Home
Prices And Mortgage Rates, Short Supply Of Homes
According to
Mark Fleming, chief economist for CoreLogic, home price trends are rising at
their fastest pace since 1977. While good news for sellers, homebuyers may find
fewer affordable options over time while also contending with rising mortgage
rates. In spite of rapidly rising home prices, national home prices
remain about 19 percent below their peak in April 2006.
If you're ready to sell or buy, please call The johnANDjohn TEAM. We live in Parkfairfax, own property here, and cheer increased home values. We want (and get) top dollar for Parkfairfax homes. Check out www.Parkfairfax.com along with the 6000 hits we get monthly. We give your listing the maximum exposure to the marketplace.
John Welch
Associate Broker
The johnANDjohn TEAM
703-820-9723
RE/MAX Allegiance
