We just wanted to share a recent message we received from Prudential CT's CEO that we thought was worth sharing!...
In the past few months we have seen encouraging news about real estate in the media. National housing starts are up for the first time in more than two years. In Connecticut, we’ve seen a recent surge in deposits. There were 5,936 in June, while there were only 3,447 in March. In January, there were less than 3,300 deposits. Clearly the trend is that the housing market is improving. Several factors are contributing to the re-energized real estate market: a stabilizing stock market, realistic home prices, record low mortgage rates and the $8,000 first-time homebuyer tax credit.
The message to share is that now is the time to buy and now is the time to sell. Properties priced correctly are seeing multiple offers. Inventory is healthy but not excessive, so there is still a good selection of well-priced homes to choose from. Mortgage rates are currently the lowest they’ve been since 1971 and are likely to increase as the economy improves. Additionally, to qualify for the first-time homebuyer tax credit, the property must be closed and occupied by November 30, 2009.