Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, April 14, 1991 TAG: 9104120238
SECTION: AMERICAN HOME WEEK PAGE: 10 EDITION: METRO
SOURCE: GENNY ELIAS
DATELINE: LENGTH: Medium
If the real estate trend of the last six weeks continues, 1991 will turn out to be a bonanza year for Roanoke Valley REALTORS, said Poff, president of the Roanoke Valley Association of REALTORS.
"I personally expect this to be one of the best years on record, simply because of the fact that we've seen interest rates fall," said the RVAR president, who began his one-year term in January.
During the last six weeks period, sales in the area have been extremely active, Poff said.
"The Roanoke market is really reflecting the country's high following the success of the Persian Gulf War," said the Roanoke Valley broker. "Since the beginning of the year, we've seen a marked increase in buyers' interest. In particular during this last month, things have started to pick up."
And that post-war euphoria is not just in the Roanoke Valley but elsewhere across the country. The Boston real estate market has seen a 68 percent increase in business, Poff said, adding that markets in the beleaguered Northeast are seeing tremendous increases as well.
"Traditionally, the real estate market has led the nation into a recession, and traditionally, it has led the nation out as well,"said Poff. "We have turned the corner, and we're on our way up. We'd like to say welcome back to good times!"
And now is the time for home buyers to get into the market, Poff stressed. Interest rates, which currently are hovering around 9 percent, are at the lowest levels they have been in 13 years, he said.
For buyers, this lower rate translates into more home for the money.
"We want the people of the Roanoke Valley to know they can buy a house. The American dream is still here, and it is more affordable than ever. With the lower interest rates, buyers can get a lot more house than they could a year ago.
"Home buyers are now able to purchase 19 percent more house for the same payment than they would have been able to a year ago," Poff said.
Poff said he believes that before the end of the year, the Feds will give the economy another shot in the arm by dropping interest rates yet again.
In addition to lower interest rates, Poff said now is a good time for potential buyers to enter the market because housing prices are starting to stabilize after a number of years of sky-high appreciation rates.
"All this encourages potential home buyers to take advantage of this unique opportunity, and it makes for tremendously favorable market conditions," he added.
So favorable, in fact, that area REALTORS are seeing a lot of people moving up to a larger home, Poff said.
"With all the incentives, this is a tremendous year for buying a house, and there is a good inventory of houses," Poff concluded. "We'd like to tell the public that now is the time to make their move."
by CNB