The U.S. housing market continues to benefit from the tax credit: home prices and sales remain above year-ago levels. As the summer progresses, however, the positive impact of government stimulus will wind down. Experts point to improved stability as a sign the market can likely hold its ground without further support from the government. However, economists indicate that the key for the housing market through the end of 2010 will be job growth and a manageable level of distressed properties.
For most people the two most expensive purchases they will make is a house and a car. Both are very intimidating purchases. Try to think back to when you bought your most recent car. You probably looked on the internet for awhile trying to familiarize yourself with the products available to you. After awhile you decide you want to go ahead and drive some cars. You get to the lot, excited, everyone loves that new car smell. As you are looking around at the vehicles on the lot, you get that feeling that you are being stalked. Right about then, you hear the voice of a stranger, “She’s a beauty isn’t she?”. This is when you realize how vulnerable you are. You have been approached by a car salesman. You are about to make a huge purchase, you are basically uninformed on the product, you don’t know all the tricks and tactics of sales, and are certainly not trained in negotiating.
I have lived in Knoxville my entire life. I very vaguely remember going to the World’s Fair in 1982. I was 3. Since then I mainly have memories of the World’s Fair Park for the 4th of July. There was a shallow cement pond that always seemed to have someone with a remote control boat. Aside from that, not much there. Wasn’t really a place that I had thought to bring my kids. That was until recently. Last weekend the Knox County Public Libraries launched their summer reading program. This was the first time that I attended and I will surely not miss it again. It was pretty cool to hear Skippy John Jones read by the author, Judy Schachner. But I digress.
The economic recovery continues gaining traction slowly but steadily. First quarter GDP, the key measure of the economy, came in at a positive 3.2 percent – an indicator that we have arrived, at last, at a sustainable recovery. However, this recovery is subdued compared to previous recessions. Without a higher upswing in GDP, businesses will continue to add jobs slowly. The positive news of sustainable economic growth is tempered by the longer-than-normal time frame it will take to recoup job losses.
High unemployment and elevated levels of foreclosure and distressed homeowners continue to be two of the biggest factors in preventing a robust recovery. The government has turned its attention to matters to help bolster the economy including unemployment and financial reform. The latter is currently working its way through debate in Congress. The government’s attentive attitude toward these obstacles is seen as a positive sign by industry and economic experts.
Today I received a question from one of my clients. It is a question that I get pretty often. i am posting this here in the hopes that my answer will help not only my client but other potential home buyers as well.
The question from my buyer was basically, why should I buy now? With the market being down maybe I should wait a year and then look into buying.
the Sunsphere I have lived in Knoxville my entire life. I very vaguely remember going to the World’s Fair in 1982. I was 3. Since then I mainly have memories of the World’s Fair Park for the 4th of July. There was a shallow cement pond that always seemed to have ducks and someone with a remote control boat. Aside from that, not much was there. Wasn’t really a place that I ever thought to bring my kids. That was until recently. Last weekend the Knox County Public Libraries launched their summer reading program. This was the first time that I attended and I will surely not miss it again. It was pretty cool to hear Skippy John Jones read by the author, Judy Schachner. But I digress. I want to highlight the updated World’s Fair Park so that other parents don’t miss out, like I have. I do realize that the updates to the park are not new, but I suspect that there are people like me out there that don’t realize how nice it is now. I know a lot of times I get... more
RISMEDIA, July 30, 2010–The economy is stabilizing. Home prices are holding. It’s not just as good a time as ever to buy a house. It’s one of the best times ever. Here are five overlooked reasons why now is a great time to buy a house. 1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today’s record-low rates, they start building equity as soon as they close. That means they have a little give to absorb a few ups and downs as the still-recovering... more
This Month in Real Estate July 2010 Commentary The U.S. housing market continues to benefit from the tax credit: home prices and sales remain above year-ago levels. As the summer progresses, however, the positive impact of government stimulus will wind down. Experts point to improved stability as a sign the market can likely hold its ground without further support from the government. However, economists indicate that the key for the housing market through the end of 2010 will be job growth... more
For most people the two most expensive purchases they will make is a house and a car. Both are very intimidating purchases. Try to think back to when you bought your most recent car. You probably looked on the internet for awhile trying to familiarize yourself with the products available to you. After awhile you decide you want to go ahead and drive some cars. You get to the lot, excited, everyone loves that new car smell. As you are looking around at the vehicles on the lot, you get that feeling... more
the Sunsphere I have lived in Knoxville my entire life. I very vaguely remember going to the World’s Fair in 1982. I was 3. Since then I mainly have memories of the World’s Fair Park for the 4th of July. There was a shallow cement pond that always seemed to have ducks and someone with a remote control boat. Aside from that, not much was there. Wasn’t really a place that I ever thought to bring my kids. That was until recently. Last weekend the Knox County Public Libraries launched... more
This Month in Real Estate May 2010 Commentary The economic recovery continues gaining traction slowly but steadily. First quarter GDP, the key measure of the economy, came in at a positive 3.2 percent – an indicator that we have arrived, at last, at a sustainable recovery. However, this recovery is subdued compared to previous recessions. Without a higher upswing in GDP, businesses will continue to add jobs slowly. The positive news of sustainable economic growth is tempered by the... more
Today I received a question from one of my clients. It is a question that I get pretty often. I am posting this here in the hopes that my answer will help not only my client but other potential home buyers as well. The question from my buyer was basically, why should I buy now? With the market being down maybe I should wait a year and then look into buying. Here is my response.. Here are a few thoughts. Right now interest rates are as low as they have ever been. They are floating around 4.75%. A... more
So, you’re interested in buying a house and want to get an idea of what you can afford. You visit with your mortgage professional, armed with identification, pay stubs, W2s, bank statements, tax returns and the like. You hope to leave with a “green light” that gives you both an idea of your house shopping budget and added credibility to any purchase offers you might make. So it boils down to this: Is there a difference between a pre-qualification and a pre-approval? The short answer... more
Today I added a great new feature to my blog. Now you can search right here on http://bloggingknoxville.com without having to go to any other site. This search is pulled directly from the MLS and is updated daily. I hope that you will find that it is easier and faster to navigate than most of the other MLS search sites. You can get to the search by clicking on the “Live MLS Search” graphic on the right side or by clicking this link http://bloggingknoxville.com/home-search. If you decide... more
I subscribe to the blog from Mint.com. It provides some good financial perspective that isn’t over my head Tired of all the doom and gloom over the economy? How about some good news for a change? In our followup to our infographic on Black Friday, the biggest retail shopping day of the year, we take a post Black Friday look at the stores that are leading a resurgence in retail to see how they fared on the big day itself. As predicted, November results show favorable trends for general, clothing... more
Chris Brown is a real estate agent serving the greater Knoxville, Tennessee area.
