WE’RE HAVING A SALE, AND IT’S ALMOST OVER!
WE’RE HAVING A SALE, AND IT’S ALMOST OVER!
I think that we are rapidly approaching the bottom of the real estate recession, if we’re not already there. There are still a lot of foreclosures to come but the overall market seems to be turning around. Sales are increasing and the inventory is slowly declining. Most of the new homes inventory have been sold and this will help the re-sale market since home buyers will no longer have the option to buy new homes. If new home builders are slow to get back into production we could actually see a shortage of homes for sale. The number of newly built single-family homes on the market declined in April to their lowest level since May 2001. For real estate for sale in Wyoming, we are seeing a better year so far than we had anticipated. Real estate in Star Valley is alive a strong.
THE GOOD NEWS, AND IT’S ALL GOOD
Most of what we hear and read from the press is made to sell their products and keep them in business. What we don’t hear most of the time is the other half, the good news. So, I thought I would give you some of the good stuff. I recently heard a speech that warms the heart about our economy and our state of the Union. What was said was that 93.8% of all homes that have a loan on them are current on their payments. Star Valley real estate has been sticking fairly close to these statistics.
Here are some really good statistics (approximate):
1) There are approximately 76 million homes in the United States
2) 52 million of these have a loan on them
3) 11 of the 52 million with loans are under water (more is owed on the properties than their value). However, of the 6.2% of the 11 million that are in foreclosure 40% of these are rentals, vacation homes and second homes and not the owner’s primary residence.
4) 24 million homes have no loan on them. That’s one-third of all of the homes in the U.S. that are free and clear.
Also, interesting and positive is that there is approximately 11.7 Trillion cash held by us in savings, CDs, Money Market Accounts and Treasury Bills in the United States. And, this amount is greater than or equal to the total amount of our homeowner’s total debt. So, over all, we have as much or more cash as we do debt. That’s a very nice position to be in.
FIRST-TIME HOME BUYER TAX CREDIT IS AVAILABLE
The Federal Housing Administration (FHA) will now allow home buyers to apply the administration’s new $8,000 first-time home buyer tax credit toward the purchase costs of a FHA-insured home. The American Recovery and Reinvestment Act of 2009 offers home buyers a tax credit of up to $8,000 for purchasing their first home.
Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.” We have had several buyers use this on real estate for sale in Wyoming. It sure has helped our first timers in buying a home.
PENDING HOME SALES INCREASE NATIONALLY FOR 3rd CONSECUTIVE MONTH
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to a recent report from National Association of Realtors.
We believe that real estate for sale in Wyoming is a wonderful investment in our future. There are great interest rates, wonderful inventory of properties, and motivated sellers, what a great time to invest in the future!
“Val D. Pendleton is the premier real estate broker in Star Valley Wyoming. Val’s family has a deep and respected heritage going back several generations in the Star Valley area. Specializing in Thayne, Afton, Bedford, Alpine and surrounding communities please visit the Coldwell Banker Country Estates website at http://www.cbcountry.comfor a complete list of inventory offered by Coldwell Banker Country Estates or email us at val@cbcountry.com If we can assist you in any way, feel free to contact us directly 307-883-7000″