2014 SO FAR

                                                                           dailyherald.com This has kind of been the problem hasn't it?  It is hard to get excited to go look at homes you might like to purchase with snow and ice going on.  But interestingly enough, there has been quite a bit of activity in the local housing market.  Most of my Realtor associates tell me that they have listings inking on a daily basis and more lined up to do so when the snowy pattern breaks.

  I have attended a few open houses lately and there have been several hearty souls out looking to beat the rush to home ownership. The showings reports for January despite the weather have been quite good-activity is up.

  At the moment, interest rates are holding steadily in the mid to upper 4's which is still great news for the wallets of potential purchasers.  However, we do anticipate that once the weather breaks and demand goes up, the rates will go up as well.

Lately inventory has been in short supply so sellers have been able to hold the lid on pricing that is advantageous to them.  The Anything Buyer's Say Market is over.  This year we will no doubt return to equilibrium.  Sellers should be willing to assist buyer's with closing costs, but they will want a higher price in return.   There will be properties and price ranges that are highly desirable and we may see a return to list price offers.  This return to more normal patterns may see a decrease in investment buying as pricing will reflect a healthier market.  While there are still some foreclosures that will hit the market this year, the bulk of the foreclosure crunch is over.  All reports are that new foreclosures are down-so what is left is to flush what remains.  By next year the foreclosure wave should be done.

  There seems to be a general agreement among most of the real estate professionals I speak with-the pent up demand of the past few years is ready to burst. Many young adults have been making do with Mom and Dad until they found a job-those folks will be out in droves. Since rents are increasing at a rapid rate, the new lease agreement may be the incentive that many people need to ask the question: "Would I be better off buying?"

 Since market values are appreciating again the trade up buyers will be out.  Of course there are many folks who will need to trade down because the kids have found jobs and left the nest. All in all, it is stacking up to be a great year in real estate.

  My best advice to any buyer who is serious about getting a good price is to get pre-purchase underwritten now.  Get your ducks in a row and buy earlier this year rather than later. Be ready to close quickly.   Let's see - if you wait-prices will be higher, rates will be higher-what's to think about? The time to start your search for your new home is now.

                                                              timminstimes.com

Well, it might be good to wait until the drive is plowed out at any rate!