2012 is off to a promising start. Mortgage rates continue to drop and have remained under 4% for nearly two months. Home sales are strengthening and pending home sales, a measure to gauge future sales, are at their highest levels since March 2010.
Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who would like to have full-time work.
Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the opportunities that exist.
Interest rates at favorable levels and a good selection of homes provide an opportunity for buyers. Here are a few things to for buyers to keep in mind:
7 Tips for Buyers
1. Know what you can afford before you fall in love with your dream home.
2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.
3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and must-haves early.
4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.
5. Don't compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.
6. Always inspect even if the surface looks great; it's important to know if anything major is wrong and what it will cost to fix.
7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.
Sources: Bureau of Labor Statistics, National Association of Realtors
John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us
Job growth has been increasing for most of 2011, with unemployment dropping to 8.4%. As more people are getting jobs, consumer confidence has also been increasing. However, underemployment continues to be a problem for a stronger recovery. The underemployment rate is 18.1%, and there are still a significant number of people working part time, who would like to have full-time work.
Even with substantial national improvements, this continues to be a "one neighborhood at a time" recovery. Payroll jobs were up in 25 states, but down in 24, demonstrating the delicate state of the U.S. economy. Global factors such as the European debt crisis are also complicating a more robust recovery. Strong guidance is needed from local and global leaders to continue this growth, as well as allow for business to maintain momentum toward building and expanding upon the opportunities that exist.
Interest rates at favorable levels and a good selection of homes provide an opportunity for buyers. Here are a few things to for buyers to keep in mind:
7 Tips for Buyers
1. Know what you can afford before you fall in love with your dream home.
2. Consider additional expenses that come with owning a home like property tax, insurance, and repairs.
3. Be flexible on the little things. It would be wonderful to find a home with everything you want, but those are hard to come by – distinguish nice-to-haves and must-haves early.
4. Have imagination and look beyond paint colors, wallpaper, or other easy and affordable things you can change.
5. Don't compromise on the big things, such as enough bedrooms to accommodate additions to the family or space for an office if you work from home.
6. Always inspect even if the surface looks great; it's important to know if anything major is wrong and what it will cost to fix.
7. Think about the future in regard to the neighborhoods, surroundings, schools, and developments.
Sources: Bureau of Labor Statistics, National Association of Realtors
John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us
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