Maine Real Estate News - Maine and Cumberland County Homes for Sale
Quality information and local news from an experienced Maine real estate professional. Local real estate news, information and listings for Maine authored by new local author and edited by RISMedia.1 Out Of Every 16 Americans Will Buy A Home In 2007
Finally, I’m not the only one forecasting a change for the good. Below is portion of an article I saw in the Realtor Magazine that I thought should be shared with everyone.
(Beginning of article)
NAR: Mortgage Conditions Bode Well for Housing
Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.
Lawrence Yun, NAR vice president of research, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he says.
Yun says it’s important to place the current housing market in perspective, and that 2007 will be the fifth highest year on record for existing-home sales.
“Although sales are off from an unsustainable peak in 2005, there is a historically high level of home sales taking place this year — a lot of people are, in fact, buying homes,” he says. “One out of 16 American households is buying a home this year. The speculative excesses have been removed from the market and home sales are returning to fundamentally healthy levels, while prices remain near record highs, reflecting favorable mortgage rates and positive job gains.”
So I ask the question again Buyers what are you waiting for, Maine is one of the markets that is seeing positive growth, three months running, with good levels of inventory and near record low interest rates, this is a great time to buy your first home, a bigger home, your retirement home.
Make sure you are a smart shopper, partner with an experienced Buyers Agent, and find the pockets of greater appreciation and find your dream home.
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