Medford Real Estate Market Update
Market Update is a monthly update provided by Nancy Schumacher detailing the current climate of Medford Real Estate.
March 2008
It is time for the BUYER to pull the trigger. Psycholology plays a large part in winning at real estate. General consumer confidence made buyers over-pay for a home during the Seller's market. The opposite is happening now.
Consumer confidence is low and causing buyers to hesitate. However, the way to WIN is to purchase when prices are falling and the interest rates are low. Do not make the mistake of concluding that when the prime goes down, the mortgage interest rate follows.
NOW is the time to get serious - before an inevitable rise in interest rates wipes out the present advantage. This is the best period in a near-decade to invest in a home. The plentiful inventory in our marketplace is making sellers eager to help prospective buyers become new homeowners.
It is a definite win for buyers who can qualify for a mortgage in today's tight money market.
February 2008
QRealEstatePRO) The nation's weakening real estate markets are providing the best buyers housing markets in years in much of the U.S. and 2008 promises to be the best time in years for home and condo buyers to find a deal in real estate, according to the latest analysis by Housing Predictor.
By cutting interest rates, the Federal Reserve has triggered what is slowly transforming into an investors surge in real estate sales. Pent up buyers' demand in many markets is becoming evident with increasing inquiries after a housing slump that resulted from an over supply of inventory.
The mortgage meltdown has produced record levels of foreclosures throughout the majority of the nation's housing markets, which won't be sold off entirely for many years. Housing Predictor forecasts foreclosures will top 5.6 million properties through 2011.
Housing prices in the over-whelming majority of the nation's local real estate markets have fallen, some by as much as 50% from their markets peak. The majority of markets will still see deflation in 2008. Housing deflation is forecast in 190 of the 251 local home markets Housing Predictor forecasts in 2008. But the best time to purchase real estate to make a profit is when prices are down.
Location, location, location has long been the real estate mantra, but buying real estate for the best possible price is key to investing and making a profit in real estate. Only two percent of all buyers nationally make their real estate purchases at the bottom of the market.
Investors are beginning to flock to many hard hit markets to make purchases of foreclosures or negotiate lower prices in the conventional re-sale market. The Worst 25 housing markets selected by Housing Predictor is where some of the best deals are in today's market place. But hard pressed markets aren't the only place where buyers are finding deals.
Higher interest rates, combined with poorly underwritten mortgages, new creative finance products and an epidemic of mortgage fraud slowed the majority of the nation's booming real estate markets. But an increasing number of real estate investors are beginning to show that many markets are bouncing back, despite widespread housing deflation and a recessionary national economy.
December 2007
Medford is definitely experiencing a strong buyer's market and he who hesitates could lose. Now is the best period in a near-decade to purchase a home. The plentiful inventory is making sellers eager to help prospective buyers become new homeowners and the near record-low Interest rates combine to provide an excellent opportunity for leveraged investment.
A 10% down payment on a home can bring as much as 80 - 100% return in a 5 year period. When you combine that with the tax advantages, it is a perfect time to invest in a new home.
November 2007
The Medford market continues to prefer buyers. Interest rates continue to trend downward for 30-year, fixed-rate mortgages. There is an abundant inventory in all price ranges and seller's are eagerly discounting to effectuate a sale.
This provides an excellent climate for buyers. Hence, regardless of media headlines, real estate is local and the straight scoop is that in Burlington/Camden Counties, NOW is a superb time to take advantage of extremely favorable conditions for buyers. As always, home ownership continues to be the consumer's best investment.
