Let’s start out the week with some good news! Let’s get some confidence going again! Little did I know, but there is a Realtors Confidence Index. This index measures the following;
“The results below reflect respondents’ confidence level in January 2009 and their future expectations, compared with both the previous month and the same month last year. Perceptions of current residential real estate market conditions are also compared with expectations for business over the next six months.”
The Index in January for single-family home sales in rose for the first time in eight months! If you look at Realtors confidence index by Region the South had the most optimistic view of where home sales were headed in the next six months.
To show how slow the market place has been as of late. Almost 3 in 10 Realtors interviewed had not had a buyer client recently. Almost 4 in 10 recent homebuyers were first-time home buyers.
When asked where they saw prices going in the next year, almost 4 in 10 saw markets appreciating, finally.
Much of the “optimism” centers around interest rates which are still floating just below 5 percent and warmer climates that tend to bring out buyers to the great out doors! Couple this with a huge volume of first time home buyers who can take advantage of the $8,000 tax credit through purchases made by December of 2009 and you have several reasons to be optimistic.
According to Freddie Mac, February of 2007 at 30 year mortgage would have cost you 6.29%. In February of 2008 this dropped slightly to 5.92%, but as of February of 2009 the same 30 year rate is at 5.13% and as I mentioned, the current 30 year is sub-5 percent!
Check out my website at AthensGaHomesForSale if you are a first time home buyer for the IRC form 5405 you need to obtain your tax credit and a Power Point entitled, “Athens First Time Home Buyers; You are a First Home Buyer by the Book.”
If you are looking to purchase a home in the Greater Athens area, please feel free to use this link to Search the Athens MLS! While on the Georgia MLS you can search for homes, create a User account to save favorite property searches, email property searches to friends and family, or request more information!
