The timing is right to invest in housing markets in the majority of the country, according to a new Housing Predictor analysis. For years we’ve wanted to issue this forecast, and the time has finally arrived.
Markets in the majority of the country have seen home prices fall to levels that haven’t been seen for a decade or longer. The most heavily devastated markets suffering from record foreclosures and short sales are seeing troubled property sales rise.
Mortgage rates are at all-time record lows, at least the lowest since Fannie Mae has been keeping track of records in 1971. Most housing market prices are at the lowest levels they have been for years. When it looks bad and it looks like the economy isn’t going to get any better for a long time that’s when it’s time to make your residential buying decisions.
If you are considering investment real estate ask yourself this question: Does it look as bad as it’s been in years where I live? If that’s the case and you are considering an investment in real estate it’s time to act barring a full-fledged economic depression.
Then ask yourself this question: Are we in an economic depression or will we be in one? There are arguments on both sides and they have absolutely noting to do with emotion. If you are unable to separate the emotional decisions investing in real estate may not be right for you. But if you are able to detach yourself from your emotional ties then it just might be right for you.
For decades California has started recoveries in real estate downturns, and this time it’s no different. A state approved special tax credit for home buyers is increasing home sales in most of the state, despite the expiration of the federal tax credit.
Among markets making a rebound is the Silicon Valley or Santa Clara County, the center of high-tech, home to Google, IBM and hundreds of other tech companies. The housing market is experiencing higher home sales and rising housing prices. The average re-sale price for a home in Santa Clara County is now $710,475, according to the local multiple listing service. The figure is nearly 12.5% higher than year ago levels.
Across the country in one of the most troubled markets in the nation Miami is also seeing improving trends. For two straight years Miami has seen home and condo sales climb. Sales of single family homes are up 89% from the markets slowest period two years ago. Condo sales rose 45% from year ago numbers, and a nearly unbelievable 99% over two years ago.
Buying a vacation home in Miami? It’s truly the best time in years. The sales price of a median condo in Miami is now $128,100. There are tons of bargains. Whether you’re considering buying in Florida or somewhere else it’s Housing Predictors forecast that this is the best time to take action in years.