Desty Lorino is a real estate agent with over 20 years as a licensed professional. Desty is with the Coldwell Banker Residential Brokerage’s North Shore office, located in Glendale. Today, he answers a question that seems to be on everyone’s mind lately: How’s the real estate market?
Well, the official real estate market statistics are out, and although they’re not as robust as our pre-recession world, there are a lot of things going right with the housing market that make it a good time for you to buy or sell a home.
Some of those things that are going right:
The market is back to its natural rhythm
Indeed, a lot of the first-time homeowner incentives came at the right time for new homeowners to make an investment in their future — and to help the home-buying market overall. However, the incentives also gave some odd, unpredictable market shifts. With those programs now passing, the natural laws of supply and demand have stabilized. For the number people: Down 14.9 percent in March, 4.8 percent for first quarter, but up 2.3 percent vs. March 2009, 3.8 percent for first quarter of 2009.
Interest rates are in fantastic shape
As the financial sectors continue to improve, interest rates are at all-time lows and very buyer-friendly. This is a plus not just for buyers, but for you current homeowners as well. If you have the equity in your home, you may be able to contact your lender and look at refinancing. The stipulations for doing so remain tight, but if you are able to refinance, you may want to take advantage and lower your monthly payment.
We’re still in a buyer’s market
As the economy recovers, people feel safe about their jobs, and consumer confidence grows, the natural want and – in the cases of growing families – the need to upsize from starter homes will continue to grow. Right now, if you’re interested in finding a roomier, more comfortable place to raise your growing family, there are many homes in Southeast Wisconsin that are in great shape, and ready for your family to move into. Don’t be afraid to look, as you may be surprised as to how much house you can afford. I think you’ll be pleased.