For first time home buyers the home market can be confusing and overwhelming under the best conditions. Endless tips on “not make an offer to purchase too high or too low”; “how to buy”; “how to sell”; “now is a good time to sell”; “now is a good time to buy”; complicated market indications of current market trends and surveys are scattered all over the net. To add to this “do” and “do not” list there are many warnings about crime rates that needs to be investigated and proximity to amenities that has to be checked. Then there are the different mortgage options to lead to more confusion, especially for first time home buyers. Trying to understand all the legal terms when signing documents at the attorney’s offices often adds to this bewilderment. The truth is you do not have to do the market research and most certainly do not have to stare at graphics that makes no sense. This saying explains it best: no one can whistle a symphony: it takes an orchestra to play it.
Real Estate Agents are trained to give you all information you will require to make an educated decision on buying a home. They know the area of interest best. Discuss and explain all your specific needs with your agent.
Real Estate predictions for 2012:
According to the NAR’s chief economist, Lawrence Yun, the housing market is slowly recovering with a predicted 4% increase in sales for 2012. Celia Chen of Moody’s Analytics projected sales to increase over 20% in 2012. The next six months will reflect if the rumors about the possibility of a loss of consumer confidence hold water. Consumer confidence, as measured by the University of Michigan, has seen modest improvement in the last few months after taking a dip over the previous months. A hit in consumer confidence can have an impact on the Real Estate rebound.
Prices are predicted to decrease through the first two quarters of 2012. Decreased prices will force more homeowners into a position of negative equity. Being underwater is one of the reasons that cause people to strategically default on their mortgage payments. If this continues, there will be an increase in the number of foreclosures and cause a setback in consumer confidence.