What is in store for
2006 is wrapping up nicely. Homes have continued to appreciate on the average of 9% this year. Though homes are on the market a little longer and sellers are having to be a bit more flexible it is still a very good time to own a home and an even better time to be buying one. Buyers have the best of all worlds right now, interest rates are low and home choices are up.
2007 will see much of the same. It appears interest rates will continue to be low or lower than the historical average. Home values should continue to appreciate between 4 and 7%. There will be an increase in new construction over the next few years. From a consumers stand point it will be important to be able to compare homes on their attributes and not just compare cost per square foot. We are seeing builders build smaller garages, use vinyl siding, employ manmade products for molding, countertops and flooring and use various grades of lighting, linoleum and carpets. Granted, these are all attempts to build an affordable home but just be sure you can compare one home to another from an informed prospective. It is also worth a moment of time to consider having your own real estate agent represent you as your “buyers agent” instead of settling with the agent who is on site and represents the builder.