The Bottom is here!

Hi Everyone!

After two years of the Real Estate Market going down in the Country as well as the Brevard County area, the bottom appears to be here. In a recent article published on CNNMoney.com, top analyst are saying that the bottom is either here or will be here by the end of the year. You can read the article at:
http://money.cnn.com/2007/09/19/real_estate/steep_home_price_drops_coming/index.htm

We have been noticing more and more buyers starting to come on the market in the past month or so. September is usually a slower month here in Brevard but it seems to be picking up. This is great news for everyone who is looking to buy a home but have to sell their home first. Many of our buyers who want to buy simply can't until their home sells. With the market starting to bottom out, inventory will start moving which means our sellers will sell and become buyers and the market will level off.

One thing that we are watching closely is interest rates. Many people believe that when the Feds cut the interest rates as they did this past week, that mortgage rates will automatically fall too. Unfortunately that isn't the case. Mortgage rates are tied to the bond. For instance, this past Monday rates were around 61/8 where yesterday they were at 6.375. If you are thinking about buying and want to wait, you might want to rethink that thought. If you remember many posts ago we talked about how you will either catch the pricing going down or going up. Very few people catch it at the exact bottom. It's very similar to the stock market. Nobody knows for sure what the bottom is going to be. As I have been saying for the past few months, this is a great time to buy! Prices are down and rates are still great.

If you have any questions about mortgages or real estate don't hesitate to call us at 321-259-9115 or as always you can email me at mitch@mitchrealty.com

Have a great weekend!

Mitch