Current Market Trends
Created: 3/6/2008
In this market, we must consider if it is the move or the money that is more critical to your family’s future. As are all things in life, real estate is all about timing. Unfortunately, no one can see into the future and even the experts purchase and sell homes and properties at a time where they pay too much to purchase or sell for less than they could have if only they would have sold sooner.
Generally, my advice would be to do what you need to do to move in the direction you want to go. Properties will sell in any market, if they are priced correctly for the market conditions. Being realistic is critical when inventory is sharply up and buyers are fewer. Remember, if you a purchasing elsewhere, you will be buying for less, just like the buyer for your home.
A question asked frequently is how long this market will last? Actually, the downturn began in July/August of 2005. It revolves around inventory. When it grows rapidly, it is the signaling of a real estate recession. The bank’s activity in the market place is a sign of a recession lasting a long time. Mortgage companies are changing hands and going out of business and the refinance business has sharply reduced. Experts believe it will take 2 to 3 years to improve. The homeowner is competing with foreclosures and builders selling off their inventories at huge discounts.
Spring does promise the best hope for getting properties sold. It is evident that they are shopping on-line, at open houses and walking into real estate offices. We can track that activity. Eighty-four percent of home buyers use the Internet to search for properties. One-third of home buyers use the Internet first before any other source. I am excited at the amount of visits I am having at my website, on realtor.com and the various other
venues on line. 