According to the S&P/Case-Shiller index released earlier this week, national home prices dropped to a new recession low during the first quarter of this year. However, many of us are now saying that Case-Shiller report does not have all the facts straight.
Jim Gillespie, chief executive officer of Coldwell Banker Real Estate LLC, gives us some good insight in his post “Hey Case-Shiller It’s Not the End of the Real Estate World”
There are several flaws in the “national” index report, including the fact that the report only covered 20 markets across the nation. “As we know, all real estate is local, and it is unfortunate that the reporting on a 20-city ‘national’ index can have such a jarring impact on otherwise rational people,”Gillespie, said.
“Now is the smartest time in my 36 years in real estate to buy a home if you have the lifestyle reason, financial stability and viability to do so,” Gillespie, said.
Gillespie says is all about the “Triple I…P”. Inventory, Interest rates, Incentives and Pricing:
Inventory: most communities have seen a rise in the amount of homes on the market, you have more choices.
Interest Rates: Interest rates for mortages remain at near-historic lows and have actually trended down over the last seven weeks.
Incentives: the tax advantages to home ownership
Price: prices are down from mid-decade highs, but remain in many. Many markets are showing stability, slight declines or even increases. Home affordability remains near record levels and the price-to-value proposition in most markets is extremely compelling.
If you’re interested in more information about the local Outer Banks real estate market, please contact one of our agents at www.coldwellbankerobx.com for information about homes in our local market.