Will you be spending this holiday season shopping for a new house? That is the recommendation according to the Wall Street Journal article below. Home prices have hit bottom and mortgage rates are still at an all time low, making NOW the best time to buy. I would like to put a more local spin on the article for you.
Home prices hit bottom in Larimer County in March of 2012 in most cities. According to the Everitt Real Estate Center’s 2012 mid-year market report, home closings in Larimer County increased 16% in the first half of the year as compared to the previous year from a total of 2,271 closings in the first half of 2011 to 2,643 closings in the first half of 2012. Along with the increased closings was a 10% fall in Larimer county inventory from quarter one of 2011 to quarter one of 2012. With the total supply of available inventory being down 22% by second quarter and only a 7.3 months supply of inventory.
What does this all mean? Basically we are seeing a shift in our market form a buyers market to a sellers market. If you have been thinking about selling now is the time to call your realtor and run the numbers to see if it makes sense. With mortgage rates at an all time low you could sell your current home and buy up for roughly the same monthly payment. Currently, we are seeing very little new inventory coming available and many buyers waiting in line for more inventory