My New Blog

According to the National Association of Realtors existing home sales increased 4% in November over October sales and were over 12% higher than Novemeber of 2010.  Interest rates for 30 year fixed rate conventional loans were at 3.99%.  Pending home sales in the South are 8.7% above November of 2010.  Builders broke ground on about 685,000 new units in November, 9.3% above October though still well below the 1.2 million most economists think would be started in a healty economy, this according to the New York Times.

Coupled with the employment statistics it does appear that thinks are getting better.  Even if it is slower than all of us would like.

Just found this link about closing costs in Tennesee and thought it might be interesting.

http://www.google.com/url?sa=X&q=http://www.bizjournals.com/nashville/news/2011/07/18/tennessee-closing-costs-rank-35th.html&ct=ga&cad=CAEQAhgAIAAoATAAOABAgvWS8QRIAVAAWABiBWVuLVVT&cd=rwL2Ek-0dKw&usg=AFQjCNFEJ_Eks_wlzimu56V9JmeCq3VTHQ

More and more people are asking if this is a good time to buy a house.  There is not one correct answer.  Everyone's situation is different but here are some things to consider.

1.  How long do you plan on living in the area?  If you plan to be here for 5 years or longer buying might be a better option than renting.  It takes at least that long to cover closing costs and get some equity built up.  Don't expect a massive increase in value.  Consider it a forced savings plan.

2.  Do you plan on looking for a job that might involve a transfer?  It's easy to move if you're renting.  It's harder if you own a house.  If you know you will be looking for a new position in the next few years being able to relocate will be a plus.

3.  What type of house are you looking for?  A foreclosure that needs renovation might be a way to make some money, especially if you will do a lot of the work yourself.  Remember to look at these types of houses not as they are but as the can be.  That's where you can come out ahead.