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When are prices going to go up?
Lately, I get this question asked a lot, “…when are prices going to go up?” I think to myself….when there is a reason for them to. Home prices are not going to magically rise because it’s good for the economy or because everyone wants them to.
Something has to happen. There has to be some type of economic jolt for the upward rise to begin again. Yes interest rates and home prices are low. There are wonderful opportunities to purchase in Encinitas Ranch that did not exist before. But where is the jolt to trigger real estate prices to move up again?
Let’s just step back for a moment to the housing market of 2005. Money was easy and lending standards were lax. Home loans were available to everyone, including the unqualified. There were so many buyers that home prices went through the roof. Homes were being sold before "the for sale" sign was installed. This jolt triggered other parts of our economy. Jobs became very available. Especially jobs connected to the housing market. Just think of all the jobs that are created when homes are being built. Builders literally could not build homes fast enough. And because of this jobs were plentiful. As home prices went up dramatically, homeowners acquired equity. In which many had no problem spending their equity. As consumers spent this money companies made money. The companies profited and the stock market reflected the profits. People who invested in the market did well. …and the cycle continued. But, was that reality? That cycle could not be sustained. And it burst when the lending and banking industry imploded…eliminating the money supply into the system.
Back to the present, 2011. There needs to be a jolt for the upward cycle to occur. There may be another housing boom, but the trigger will have to be a real economic indicator. More jobs? Higher income? Perhaps this will trigger the next positive housing market. Low unemployment and higher incomes increases consumer confidence which produces more home buyers with the ability and desire to purchase a home. Once the buyer pool is increased, the bank owned foreclosure inventory will be absorbed, and prices will begin to increase again. When home prices increase, the number of distressed homeowners will be reduced, propelling the housing market towards a full recovery and upward cycle.
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Real Estate Property in Encinitas Ranch, But, What Can I Afford?
Now that you know what you're looking for that perfect home in Encinitas Ranch, the next step is figuring out what you can afford. A review of your income, savings, monthly expenses, and debt will be necessary. Early on in the process, you'll want to get pre-qualified for a mortgage loan, which helps determine how much you can afford. It enables you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious and can afford to buy the property.
A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you'll be able to finance through a loan and what your monthly payment will be. When you find a home to buy, a pre-approval also reassures the seller that you have the financial means to purchase his or her home. Know what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. It pays to check with several lenders before you start searching for a home. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender ,your debt, your credit history, the type of mortgage you select, and the current interest rates.
Through all of this, rest assure that the Babcock team is there for you. While more buyers now use the Internet to gain access to listings, or available properties for sale, it is still a good idea to use an agent. The Babcock team of Century 21 Award brings value to the entire process: we are available to analyze data, answer questions, share our professional expertise, and handle all the paperwork and legwork that is involved in the real estate transaction. The Babcock team of CENTURY 21 Award have the expertise to help you narrow down your choices by sharing market trends and local information specific to Encinitas Ranch.
….and when it is time to make an offer let your team, the Babcock Team of Century 21 Award guide you through this process. Purchase contracts vary in length and terms from state to state, and within a state, from locality to locality. Because you and the seller have different goals, rely on us, your CENTURY 21 agent’s experience and expertise. We can bring order and calm to the process and will know what questions you may not know to ask to help you reach a favorable outcome. Multiple offers on the same home are not uncommon, so you may only get one chance to make an offer that the seller will consider. That's why it's important to think carefully about your strategy. In most cases it is better to have us negotiate the offer. If you happened to have any personal interaction with the homeowner, don't give out any information about your move, your current housing status, financial status or your feelings about their property - positive or negative. This could hurt you in future negotiations.
For more information on Homes in Encinitas Ranch please contact the Babcock Team directly at 760-613-5792.