My my recent post Time to Buy at Lake Oconee! was based on my personal observations and some local real estate sales numbers. No, I am not ignoring that there are also some depressing numbers, and I will admit to being an incurable optimist. But, finally, some of the news agencies are beginning to report a possible end to our downward trend. Last night there was a national news report that featured nearby Atlanta as one of the cities where existing homes were selling for the asking price, or near it. Then, this morning I received the following item from a real estate news agency:
Daily Real Estate News | June 28, 2011 |
Freddie Mac: Better Days Ahead in Housing
Freddie Mac’s chief economist is optimistic that the housing market and economy will improve in the second half of 2011.
Freddie Mac Chief Economist Frank Nothaft said mortgage rates will likely remain historical lows of between 4.5 percent and 5 percent for the remainder of the year. Also, he expects more buyers to stop waiting on the sidelines as recent price drops in home prices have improved affordability.
Nothaft said consumers’ uncertainty about the economy has caused them to delay home purchases and other “big-ticket items.”
“Some potential buyers who have the means to buy are awaiting clearer signs that home values have firmed,” Nothaft says.
But Nothaft says they should be getting their signs in the second half of the year, with projected job gains, and a growing, improved economy.
“Even though near-term concerns over income and sales growth are restraining consumer spending, business hiring, and new building, a number of positive signs in the economy indicate that growth will continue and is likely to accelerate in the second half of this year,” Nothaft said. “Look for a gradual improvement in housing activity in the coming year.”
Source: “Freddie Mac Economist Sees Sunny Economy in Second Half,” HousingWire (June 27, 2011)
So, if you are waiting for the best time to buy, I repeat, it is Time to Buy at Lake Oconee! To check out our inventory, go to LakeOconee.com