Buyers looks like it is time to jump in and buy real estate in Summit County
It’s always hard to say for certain when the best time to buy or sell real estate is, but right now people who want to purchase real estate in Summit County have a lot of strong incentives. First of all, interest rates are great; the already low rates have decreased by about a half percent since the government took over Fannie Mae and Freddie Mac. Now is the time to lock in a favorable interest rate on your property.
Speaking of loans, the $729,750 limit for a conforming jumbo loan in Summit, Eagle and Lake Counties expires December 2008. No one knows if the limit of the jumbo loan will increase or decrease in 2009, so it may be better to be safe rather than sorry and buy before the end of the year. In March, the Office of Federal Housing Enterprise Oversight upped the limits so people who lived in regions where housing is expensive (like Summit) could qualify for a conforming loan, which offers rates that are lower.
Second, the number of sales in Summit County has decreased, which sends a strong message to sellers that they can’t just mark up their property by 5 percent or 10 percent of what the last comparable unit sold for; these days, sellers are being much more realistic when pricing their homes, because they know the market isn’t as hot as it used to be. This makes it a buyer’s market. While properties in some cities in the U.S. have lost up to 30 percent of their original value, Summit County prices are still holding solid — they just aren’t increasing at the breakneck speed they were before the housing crisis hit. In other words, Summit is experiencing more of a flat market right now, among all price points.
This fall is the optimal time to buy because many sellers whose homes haven’t sold over the summer may be willing to come down in price. They know summer is the hot time to sell property, and they also know that September, October and November are considered months when activity (including tourism and business) in Summit County slows down considerably. Rather than sit on their home for another three or four months and pay more interest before the winter revs up to attract a possible sale, they may just want to sell now for a reduced price.
Even if you’re not sure you want to buy this fall, I can set up an account that e-mails you new listings so you can stay abreast on Summit County’s real estate market. As soon as the economy recovers, prices will start rising again, so don’t miss this opportunity to buy your piece of Summit County real estate.
It is now a buyers market for anyone looking to by property. My advice would be buy buy buy, soon property value will reestablish and you should sell then (within a year or 2 depending on what the US government bail package does). It’s a risk but that’s how you make money. Nice blog keep up the good work.