Released on: June 18, 2012, 4:38 PM
Great Time to Buy Homes in the Luxury Market.
California, Newport Beach – John Siracuse, Broker of Siracuse Estates and Property Management (www.SiracuseEstates.com) has been involved with the Newport luxury home market since the recession started and believes that the time is now for great bargains on beach and harbor front homes.
At the beginning of the down market, luxury sellers were standing their ground for the price they wanted. Now, more than 5 years later, they are giving away furniture, cars, grand pianos and a lot more to spark interest from buyers. One home started at 29 million and sold for 10 million after being on the market for 1027 days! Also, seller’s concerns have increased because some large, luxury, brokerage firms once believed to be the crème de la crème of real estate have gone out of business in the past year.
Why buy now? John says, "Every decision in the housing market you make should be based off of strong and consistent economical facts and less on emotional feeling. Stock reports are anticipating a bullish market for home builders. How did come to this prediction? Low mortgage rates are coupled with decreased home prices of more than 50%. This means great buys for the bargain hunter. Builder confidence rose one point in June to 29 of the Housing Market Index making this the highest level since 2007. Another indicator to buy now is the slow but improving jobs report. This indicates more people will be able to buy soon. The jobless rate has come down from a high of 10% to its lowest level in a few years of 8.2%, an indication that things are looking brighter for next year. Also, the record-low mortgage rates, decline in supply of new homes with an increase in existing and new homes' sales are allowing the housing industry to pick up speed and motivate cautious home buyers to come off the fence. Furthermore, homebuilders have seen a recent increase in sales orders and contract backlogs, along with a decrease in order cancellations. The low mortgage rates should also help create a climbing demand for new homes. The borrowers, who qualify for home loans, are seeing the option of refinancing more attractive. Loan modifications are moving faster and more banks are willing to talk. All this points to fewer foreclosures and less distressed homes on the market, which means bargains may soon disappear!"
About Siracuse Estates and Property Management
Siracuse Estates and Property Management works with luxury seeking clients who demand attention and service. They have built their company on strong values and believe the customer always comes first. Broker John Siracuse says, "If a deal is not good for my client, I will let them know, because it is not about me, it is about getting the best deal for my clients and building long term relationships.”
John can be reached at 714-822-6166 or www.SiracuseEstate.com
We work with buyers to make finding their dream home a reality
Media Contact: John Siracuse
Owner/Broker Siracuse Estates and Property management
email:JohnSiracuse316@msn.com or call: 714-822-6166