Real Estate Market

The National Association of Realtors® (NAR) reported a year-over-year increase for existing-home sales in June 2010. Many home buyers are taking advantage of record-low interest rates and the market continues to register residual activity from home buyers tax credit.

According to the June report, existing-home sales are on pace to reach 5.37 million units for the year, up 9.8 percent over June 2009. Despite the annual increase, markets saw a slight drop compared to May activity. Lawrence Yun, NAR chief economist, said these swings are understandable. "June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months," he said.

Freddie Mac surveyed lenders in June and reported record low commitment rates for 30-year, conventional fixed-rate mortgages. Mortgage rates dropped to an average of 4.74 percent, down significantly from 5.49 percent offered in June 2009.

NAR President Vicki Cox Golder says small fluctuations in the market are expected. "Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value Realtors® bring to buyers and sellers in this market."

Record-low interest rates are available for qualifying buyers, and lenders are competing to earn your business. Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage — whether it’s a home purchase, a refinancing, or a home equity loan — is a product, just like a car, so the price and terms may be negotiable. You will want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.

The US Department of Housing and Urban Development offer a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.

Sellers, you have an excellent opportunity to sell your home this summer, if you have the right pricing strategy in place from the start! Studies show that the longer a property stays on the market, the less the seller will net upon the sale. It is very important to price your property at a competitive market value at the signing of your listing contract. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell.

An Overpriced Home:

When you are ready, contact me today for a personal market value analysis of your home. No hassles or obligation - just honest advice on how to get top dollar for your home!