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There
are a lot of good things happening nationally and locally in our real
estate markets. A study done by the University of Michigan is claiming
that consumer optimism has hit an 11-year high, and this may be spurred on by low interest rates and low oil prices.
Another good thing happening nationally is that FHA mortgage insurance premiums are falling.
Based on a mortgage of $200,000, you can save $83 per month, or an
astounding $18,000 over the lifetime of a 30-year loan! Another study
shows that renters are now seriously considering buying homes, and this
pent-up demand could make for a very busy market this spring.
Other studies show that 86%
of homeowners think that buying a home is a protection against increasing
rent prices, and another 80% of homeowners believe that buying a home
builds future wealth.
Now, for more good news on our local side:
- Our average days on market is sitting right at 84 days
- Pending sales are up by 2.1%
- Price per sq. ft. is up by 8.5%
- The median sales price is up by 8.4% to $186K
- Annual appreciation in Corpus Christi has risen by 9.75%
- The current absorption rate is 3.8%, which means that our demand is high and supply is very low
Currently,
it's a very good time to be selling a home in the Corpus Christi area
because affordability is high, and so is consumer confidence. This will translate into a profitable home sale for you, and you can then take that extra money and move up into a better home.
Please
contact me if you're thinking of entering the real estate market. The
time to prepare is now, because the market will be red-hot in a few
weeks and you don't want to get left behind.
