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Housing Market to "Normalize" in
2006
The key word for the housing market
in 2006 is balance, with a return to a more normal
rate of price growth, according to the National
Association of Realtors®.
David Lereah, NAR's
chief economist, said current trends in the
housing sector are healthy. "We don't need to
break a record every year for the housing market
to be good -- in fact, cooling sales are necessary
for the long-term health of this vital sector,"
Lereah said. "A modest slowdown in home sales,
coupled with improvements in housing inventory,
means the market is in the process of
normalization. That will help to bring balance
between home buyers and sellers, yet sales will
remain historically strong."
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Planning Your Move
 Some people will move themselves.
Others will hire professionals, with mixed
results, depending on the reliability of the
moving company and the quality of the crew.
In any move, timing
is essential. With so many people moving in so
short a time, moving companies can be booked so
far in advance that the best you can do, might not
do at all.
The
experts suggests that four to six weeks in advance
of the move is a good time to begin contacting
companies for estimates.
First you should
decide what you will be moving.
It's, a perfect time
too think about getting rid of the stuff you don't
need anymore, as estimates are partly based on the
number of pounds they have to move.
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Refinancing May Still
Be
Beneficial
Today's rates are still historically low
and refinancing may still be beneficial.
Here are five ways
refinancing could help you:
You want lower monthly payments. A lower rate may
mean lower monthly payments. Consider taking out a new
loan for the same length of time that remains on your
current mortgage.
You want to pay off your mortgage more quickly. You
may be able to shorten the length of your mortgage (say,
from 30 to 15 years) while keeping your monthly payment
near its current level.
You want to switch from an adjustable rate mortgage
to a fixed rate loan. Some people chose an adjustable
rate mortgage when fixed rates were higher. Now you can
refinance, switch to a fixed rate mortgage, potentially
lower your interest rate and save money.
You want a better adjustable rate mortgage. Mortgage
options are constantly changing. A new program may be
available that has more favorable rates and terms than
your current loan.
You want to consolidate debt. If you have enough
equity in your home, you might want to combine a home
equity loan with your original mortgage and have one
manageable payment. Or you might want to wipe out some
other high-interest debt.
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