Yes- as of today April 12th, it is still a buyers market..... But here are some highlights that have transpired over the last 4 quarters: ~ Transactions are up by over 99% Q1 over Q1 '09...~ The buying frenzy is still going on and prices continue to move sideways.~ The absorption rate that I have mentioned in other posts is down from 19months to 9 months.
So what does this all mean? It means that if a property ispriced correctly; within 4-5% of what it should sell for, then it is going to sell quickly.
No longer is the "Wait and see approach" applicable for "Real" buyers....I am not talking about tire kickers- cause that is a whole separate blog entry.
This is what you need to find an apartment: ~You need to know what you can afford.If you don't know what you can afford-you should consult with an amazing mortgage broker, who can help you.~ You need an experienced real estate agent to help you through the entire process. It is not just finding you an apartment, but about 100 different tasks that go into getting you to "Sold and Closed!"~ Yes there are many tools on the web that will aid you in finding listings, but the human element has to be added to the equation. Your agent needs to be a great listener, have integrity and is a hustler! The market is tightening and mortgage rates are going higher! Did you know that for every 1% increase in mortgage rates, you lose 10% of buying power? I am not proclaiming that that we have hit the bottom or that we won't see further declines. What I am proclaiming are two things, one- this is not a flippers market and two, if you buy now, I think you will you will be in a great position of positive equity over the next 5-7 years. We are here to help!
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