That’s right, the housing market is HOT right now! Rates remaining at historic lows and housing prices bottoming out has created a flurry of activity. Inventory rates of available housing is rapidly decreasing. If you are on the fence of whether or not know is the right time to buy, then you should act know.

My last six listings have ALL received multiple offers on them, and it is not just mine. When speaking with other Realtors in the Valley they have all experienced the same thing, whether listing or selling homes we are all encountering similarities to the 2005 market trends. Trends like, multiple offers on listings, homes selling with minimal time on market, buyers competing against one another for a property, homes selling above list price, and have even encountered properties that buyers are willing to pay above appraised values.

These trends are not just investor driven, though we have our fair share of investors in the market right know. First time home buyers have experienced an increase in the local rental rates and are deciding that it is less expensive to purchase than it is to rent. Sound familiar? With mortgage rates sitting as low as 3.5% for a 30 year fixed rate and home prices bottoming out, these renters are right!

In addition there will be an influx of repeat buyers coming back into the market starting this year, buying up even more inventory. These buyers are previous homeowners that may have experienced a previous hardship that led to either foreclosure or a short sale of their home. The seasoning period is soon to expire for them making them mortgage eligible again. Remember, once a homeowner always a homeowner. Most all of these individuals WILL be purchasing a home and simple supply and demand will soon take affect

Do not be caught of guard this time. Though we may not see appreciation rates as we did before, the housing market will be making a comeback.

You’re unlikely to ever score a better deal than now; rates truly hit historic lows!!!

A proper look at the housing market shows there’s plenty of opportunity, in the form of unbelievable affordability, tremendous values and historic mortgage rates!!

Back in January home prices had dropped well over 30% from their peak. More important, interest rates were at historical lows. By locking in a mortgage for 15 or 30 years on a ‘value priced’ home, you were getting an incredible deal, EVEN IF home prices decreased. At the time, we thought that prices and rates were more likely to rise than fall…we were half right: Home values have steadied and we’ve seen trends of them inching up since, but mortgage rates, incredibly, dropped further.

A BARGAIN…but for how long? Prices and mortgage rates are low but absolute steals will get harder to come by.

U.S. homeowners and renters have positive views about homeownership and the financial and non-financial benefits it provides, according to a new NAR survey conducted by Harris Interactive. A large majority of homeowners (87 percent) and 64 percent of renters agree or strongly agree that owning a home provides a healthy and stable environment for raising a family. More than three-fourths of homeowners (77 percent) and 55 percent of renters believe homeownership helps them meet long-term financial goals, while 70 percent of homeowners and 48 percent of renters believe it helps them realize the American Dream.

Nearly all homeowners (95 percent) and 72 percent of renters say that over a period of years, it makes more sense to own a home than rent. If they had to move in the next six months, 82 percent of homeowners and 50 percent of renters say they would prefer to buy a house. A majority of current homeowners (88 percent) say their ownership experience has been positive or very positive, while only 51 percent of renters have had positive experiences with renting.

More than six out of 10 renters say they are at least somewhat likely to purchase a home in the future, and 24 percent are extremely likely to do so. Nearly three-fourths of young adult renters (74 percent) say they are likely to buy a home sometime in the future, while 43 percent of renters plan to purchase a home in the next three to five years. Many renters cite several obstacles to homeownership, however, including having enough money for a down payment and closing costs, finding a home that is affordable and job security.