National Association of Realtors Comments on the Housing Market

It's not always bad news, friends!  Today the National Association of Realtors posted  a press release regarding national housing trends along with some predictions.  Remember, all real estate is local and as a seller/buyer, you need to be in tune with your particular area. Still, some highlights worth mentioning:

• Interest rates are steadily inching upwards. Predicting  a rate of 6.3% for a 30 year fixed loan by end of year.
• The affordability index is up.  More buyers are realising that now is the time to take advantage of the slower market that is pushing prices down.
• New home sales are still very slow.  The rising cost of construction materials--and the higher costs to transport them--keep this market slower than resale.

Consumer confidence has a lot to do with homebuying.  I remember the last presidential election year--buyers were skittish, sellers sensed uncertainty, and sales stalled somewhat.  This election year is different, with an uncertain economy and gas prices affecting everyone, everyday, in every way.  Still, it will probably cost you more to move next year than this year..in transportation costs, interest rates and home supplies/decor.  So hop  off the fence and buy or sell  now!