OfflineThe best thing about the current real estate market is that mortgage rates and home prices are still low (in comparison to prices before the real estate market crash). At the same time, real estate experts predict that home prices will continue to rise and mortgage rates will remain low for a while. Therefore, homebuyers and investors with an interest in real estate can take advantage of the current real estate market, being assured that home prices will continue to rise throughout the foreseeable future.
Not only are home prices rising, but they are increasing at a rate that has not been witnessed since 2006 – before the real estate market crash. Home prices rose 10.2% from March 2012 to March 2013, which is a significant gain.
Along with rising home prices, pending home sales are also increasing. A recent report by the National Association of Realtors indicates that pending home sales is up 0.3% from March to April of this year and up 10.3% from April 2012 to April 2013. This is the highest annual percentage of increase in the last three years.
Reference: http://www.bankforeclosuressale.com/wp/article-06074349.html
although, I'm not sure I agree with the home prices still being low, at least not in my area... we are fast approaching those 2006 prices, so I think that until rates go up, we will continue seeing this trend of multiple offers, way over asking price, on properties that are listed...
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown
My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...
Here in northern Cali we are having multiple offers on properties. This lady on this property just gave a hundred thousand over the asking price. I have not been able to find anything low that a lot of people are not bidding on.