Windermere Real Estate Chief Economist, Matthew Gardner weighs in on mortgage rates, inflation and Dodd-Frank.
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Buyer urgency was up at the end of 2012 70% as prices are leveling out in the valley with some areas experiencing higher demand than supply. The coast generally follows this trend and we have seen a marked bump in sales activity since the holidays.
The forecast is for sales to continue to improve throughout 2013 and appreciation levels to return to 3-3/5% per year over the next 4 years. The time to buy is now! The Warrenton/Hammond area is teetering on a sellers market and average sales of homes in Astoria are shooting over the $350,000 mark for the first time in many months. Markets such as Gearhart, Seaside, Cannon Beach and Arch Cape are seeing cash buyers return in the higher end markets with move up and second home buyers returning to the $300-$500,000+ market.
Overall the predictions are that 2013 is going to be a banner year in Real Estate sales and with that however we expect to see a rise in interest rates. The message is once again BUY NOW!
"Let others lead small lives, but not you, Let others argue over small things, but not you, Let others cry over small hurts, but not you, Let others leave their future in someone else's hands, but not you." Jim Rohn