Weichert, Realtors® Sees Several Factors Making Now A Prime Time To Buy A Home

(Thursday, February 22, 2007) - What's in store for the real
estate market in 2007? Will this year be a good time to buy?
As one of the nation's largest privately-held real estate companies,
Weichert, Realtors® keeps its fingers on the market's pulse - and its latest
assessment gives the 2007 market a big thumbs up. The company, in fact, sees
current conditions as "virtually ideal" for buying now.
James M. Weichert, president, said, "Right now, the housing market
offers buyers a real window of opportunity. Not only have prices stabilized
at attractive levels, but there's generally a wider selection of well-priced
homes to choose from. In addition, there is an unprecedented array of
low-rate mortgages available to finance a home purchase, including loan
programs that require no down payment. The market climate for finding and
affording that dream home may never again be this favorable."
Disproving last year's forecasts of rising interest rates, mortgage
rates have remained historically low. So far this year, the benchmark
30-year, fixed rate loan has hovered in the very affordable six-percent
range. According to Weichert Financial Services, an affiliate of Weichert,
Realtors, current rates are in sharp contrast to prevailing rates in the
double digits in the mid-1990s and nearly 18 percent back in the early
1980s.
Driving affordability, too, is the virtual explosion of new mortgage
products that have spiked the rate of homeownership to record levels over
the past decade. From adjustable rate mortgages that offer rock-bottom
interest rates for the initial years of the loan to interest-only mortgages
and no-money-down loan programs, for qualified buyers there seemingly is a
mortgage for virtually any financial need. Weichert Financial Services, for
example, offers more than 360 mortgage products and provides free mortgage
counseling to help prospective buyers decide which loan product best meets
their needs and financial goals.
As for overall trends impacting home sales, the outlook could hardly
be more encouraging. A healthy U.S. economy continues to grow jobs, and
consumer confidence is on the rise. The nation's growing household wealth
should continue to spur home sales, as increasingly affluent homeowners are
more likely to trade up and buy second homes.
Demographics are playing a key role as well. Especially striking is the
upsurge in home purchases by single people overall and by singles in their
twenties and thirties who wisely recognize the long-term investment value of
real estate and no longer wait until marriage to buy their first home.
Immigration is also bolstering home ownership, with U.S. Census data showing
that a high percentage of people who emigrate to the U.S. eventually
purchase homes.
Noting that real estate activity picked up in recent months, the Weichert
president expects the pace of home sales to quicken even more as the
traditionally busy spring market gains steam. Given this uptick in activity,
he said, making a home purchase "sooner in 2007 rather than later" may well
prove the savviest financial move.
For insights into your local market, or advice on buying or selling a home,
call or stop by your neighborhood Weichert office, or call 1-800-USA-SOLD to
be linked to a knowledgeable Weichert sales associate in the appropriate
geographic area.
Weichert has more than 18,300 sales associates in nearly 490 company-owned
and franchised sales offices in key markets throughout the U.S. A family of
full-service real estate and financial services companies, Weichert helps
customers buy and sell both residential and commercial real estate, and
streamlines the delivery of mortgages and home and title insurance. For
more information, call Weichert's customer service center at 1-800-USA-SOLD
or visit Weichert's Web site, www.weichert.com. Each Weichert franchised
office is independently owned and operated.

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