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February 2011 Market Snapshot

February 14, 2011

Though we are only 2 months into the new year, signs are peeking everywhere that consumers are feeling better: an increase in the food & services industry indicate we’re eating out more, vacations are on the rise due to an 8% increase in the travel industry, and believe it or not, household net worths are increasing thanks to a strong stock market and the focus on shrinking personal debt.  What does this mean for the housing industry?  For now, buyers can benefit from historically favorable buying conditions and sellers can enjoy increased stability in the market.

We are still seeing an upward trend in existing home sales activity.  Though sales remained 2.9% below the level seen last year, this trend is a welcoming sign.

Home prices softened in December, down 1% from the year before, but mostly due to the number of distressed properties, which accounted for 36% of sales for that month.  However prices continue to hold steady and mortgage rates remain historically low, offering favorable buying opportunities.

Keep in mind…as the ecomonic recovery stays the course, rates are expected to rise to keep inflation in check.  So if you are looking to buy, don’t wait!  Now really is the time to take advantage of the market.  Give us a call or email to schedule your appointment today.

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