Prices are Up

For the first time in 16 months, the median price of an  existing single family home is up in a year  over  year  comparison.   The attached article from the Orange County Register confirms what  we  have  been  feeling  for  several  months.   Home   prices  are beginning to stabilize.  This could the signal that we have either reached  the  bottom of  the  market,  or  we  are  very  near  the bottom.  There might not be a better time to buy  a  home  than right now.  Prices  are low  and  interest  rates  are  still  at  near record lows making buying a home  very  affordable.   The  only negative at this point is a low inventory.  Buyers today  need  to get educated about market values so they can act quickly when the right property comes on the market.  Even then, since we are  seeing multiple offers, there is no guarantee buyers will make a deal on the first try.  My advice is to get educated, be patient, and you will make a good deal.

As always, your questions and comments are welcome.


Posted by: Larry Smyth


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