July 2010 Market Report
Real Estate Update with Cheryl Marlow
770 KKOB AM’s Residential Real Estate Specialist!
The Greater Albuquerque Association of Realtors released the July market report yesterday and it was a little bit dissappointing, but I want to share some great news that no one wants to miss out on!
Unfortunately, we saw a decrease in both pending and closed home numbers. Closings were down almost 25% from last year and pendings were down 14% from 2009. But, pendings were up 3% from June of this year. So for the most part we had a relatively slow month in closings, but we still think that August is going to be a good month for sales. Overall, activity has really seemed to pick up just in the last week. I am currently negotiating 3 offers on our listings and 2 for our buyers. So my team and I feel like that’s an encouraging sign of increased buyer activity.
Right now, people should think that it’s a great time to buy, because it is! In fact Everyone should be buying! Interest rates are at 4.29%. That’s right, I said 4.29%. If you bought a home today for $300,000 and you put 10% down, with today’s interest rates at 4.29, your principal and interest payment would be $1334. All indications are that interest rates are going to rise in the near future. So say you wait a few months and interest rates go up 1% to 5.29%. Your monthly payment would then be $1497, which is $163 greater. And if it went up just 2% to 6.29%, which is still considered to be a very low rate, your monthly principal and interest payment would be $1669…that’s $335 a month more because you didn’t buy today. In fact in the first 5 years you would save over $20,000 in interest payments! So over the lifetime of the loan you save a significant amount of money as well as the fact that there are currently some terrific values in the market place.
These interest rates alone should be a compelling reason to call me today to buy or sell a home. Now is the time to act and not be kicking yourself saying “I wish I would have bought then”! So call me today and let’s go find your dream home!
Call me today at 238-3272.
Cheryl
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