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Loretta Davey Martello

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Good News for Home Sellers!

by Loretta Davey Martello

Good news for sellers! Pending sales of existing homes rose to their highest level in nearly two years in March, according to the National Association of Realtors' latest Pending Home Sales Index. This means some relief for sellers, who have been plagued by low-price offers and increased days on market. While sellers do still need to be conscious of properly priced and staged homes for this competitive market, this news is very positive. If you are thinking of selling and also taking advantage of the low interest rates to get into another home, please contact me for any information on the value of your present home or for times to get to see other homes currently for sale!

http://www.inman.com/news/2012/04/26/pending-home-sales-near-2-year-high

 

 

Should I Buy a Home Now?

by Loretta Davey Martello

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.

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Loretta Davey Martello
Front Gate Realty
6700 Old Canton Road, Ste. C
Ridgeland MS 39157
601-473-9536
601-991-2900
Fax: 601-910-4044