Summer May Not be Hot Time for Homes

Summer is most notably the time of year when the housing industry booms. But due to cost inflation, high fuel bills and abnormally high rates, this summer may be a time to stay where you are.\r\n

\r\nWhen the kids get out of school and the summer heat rolls around, most years would see an increase in the amount of buying and selling of homes. Most homeowners take see the summer as a time to move onward and upward, relocating and expanding their homestead. But this year has many factors, which indicate that homeowners should stay where they are.\r\n

Though mortgage rates have been dropping, they are still about 1.00 point higher than they were last year. Additionally, the housing market is suffering from inflated prices due to the real estate boom of last year; many homes are now staying on the market for more than six months, a situation that was inconceivable this time last year. Lastly, an overactive hurricane season in 2005 has all but halted real estate deals in Florida, a prime relocation spot. When you add it all together, this year may be the year to stay where you are.\r\n