Q: How has activity in the first quarter of 2012 compared to the first quarter of last year?
A: We track showing activity for our office’s listings on a weekly basis year after year, and on average activity is up 20 percent since last year. There was less inventory in the spring due to a slowdown in new construction and irregularities in processing bank foreclosures, which has held some of them off the market temporarily.
However, when there’s less supply on the market, demand naturally increases. Property values have declined about 30 percent and mortgage interest rates are historically low, so the market has never offered better affordability. Properties that are prepared for the market and priced right are selling in record time, so if you’re thinking about making a move, now is the right time to do it.
The value of investing in real estate versus renting has never been clearer: do yourself a favor and see if you qualify to take advantage of the benefits of home ownership.
Originally published in Home Front by BlockShopper on Thursday, June 21, 2012
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