Real Estate Market

March Data For Detached Home Sales (Data Collected 3/3/10):

February Data For Detached Home Sales (Data Collected 2/1/10):

• Active Listings include Contingent and Pending sales.
• Absorption Rate is an estimate of the number of months it will take to sell the current inventory of homes at the present rate of sales.
• The Median Sale Price is the middle value in the list of prices.  If sale prices were $150,000, $200,000 and $300,000 the median sales price would be $200,000. 

LAST MONTH'S "BIG ONE"
3615 Blandemar Drive, Albemarle
Sold February 23, 2010
Listing Agent: Mr. Frank Quayle with Roy Wheeler Realty Co.

Link to MLS Page: 
http://caarmls.com/CAARReports/ListitLib/show_report.aspx?ID=2576709900

Today's (3/4/10) Interest Rates
From SunTrust Mortgage

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What are people saying about the future of interest rates?

HSH & Associates: rates will nudge closer to 6% than 5%
Moody's Economy.com: 6 percent that sounds about right
Washington Post: 6 percent by the end of 2010
Barry Habib of Mortgage Market Guide: It could be as high as 6.5%
Morgan Stanley: 7.5 percent to 8 percent 

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Right now the fed "is the mortgage business" however after March they are stopping their purchase of mortage backed securities and returning the market to the private sector.  There is a lot of speculation (as noted above) that at that point we will see rates rise possibly quickly and dramatically.  If you or someone you know is seriously considering purchasing a home please contact a reputable mortgage advisor to discuss locking in now at the current low rate.

Forbes.com on 12/24/2009 stated:
 
“Late spring and summer are usually thought of as the best times to put a home on the market because buyer demand builds steadily through spring…

  But this year, experts predict that the selling boom, which normally starts in  spring, will hit at a different time than it has in the past. Sellers with flexibility should market their homes earlier in the year.”

They are referring to two key points here:

1) The fed's program of purchasing mortgage backed securities will expire at the end of March at which point the private sector will take over.  Many predict rates will then rise.

2) The tax credit for new home buyers is set to expire at the end of April.  What will happen then?  Will we see a decrease in the number of active buyers in the market.

With the low interest rates and the tax credit now is "the time" to purchase or sell real estate versus waiting until what has historically been the busier spring market.   

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