The real estate market in June 2013 continued it upward trend in terms of sales and inventory. Interestingly though, inventory shortage remained a prominant factor in home sales. While more houses are being put on the market this past month, buyers are increasing as well, and they are scooping up houses in a matter of days! Home values, and subsequently prices, are also still growing.
And, because the federal government is slated to cut their support of low interest loans, interest rates are making a huge jump. You can read more about this new development by reading our article located here. And, if you're in the market to buy, interest rates are predicted to continue to rise.
But, what if you decide you want to wait to buy or sell? There are a few things you should consider: "If values go up 10% and interest rates rise 1%, their buying power is reduced by 20% (i.e mortgage payments increase 20%), which is of course why so many buyers are attempting to buy now. For Sellers, that 1% rise in rates will negate a 10% increase in value." via Real Estate One.
So, contact Lang Premier Properties today to take advantage of today's rates and prices. Everything is on the up and up!
Lang Premier Properties is home to a leading Oakland County Short Sale Realtor. We specialize in all aspects of real estate including short sales, foreclosures and working with home buyers and sellers in the Troy, Birmingham, Rochester Hills and Bloomfield Hills luxury market. When you hire Lang Premier Properties, whether you are purchasing or selling Metro Detroit Real Estate, you can rest assured that you are in good hands.