....your Wilmington Connection
June 7, 2009
The Wilmington real estate market hasnt stopped buzzing. Its definately house hunting season. There is still a large inventory on the market which is giving buyers a confusing choice. With so many on the market it poses the question of how many homes do I look at. Well really you should try to keep within your initial criteria and then open it up to more homes if you cant find the right one. Dont confuse yourself by not having very many guide lines. You only end up wasting valuable time and you may miss the perfect home!
Should Home Sellers Offer Price Protection
Here is some food for thought. Should home sellers offer a price protection? Kind of how electronic retailers do? Sellers could offer to reimburse their buyers for any loss in the value of homes in their area in the year after a sale. This price protection would give buyers confidence that they won't regret their purchases even if home prices continue to fall further. This might give those buyers that are "waiting for the bottom" the confidence that they need to buy now. If buyers gain confidence, prices won't fall, so sellers won't have to pay. How could this be done? If the government would make it easier, sellers could set up these price protection escrow accounts. It think these details can be worked out and Buyers get to move in, sellers get to move on, and the rest of us benefit from a more stable housing market and perhaps a stable economy, too.
Pending Home Sales up the Third month in a Row
NAR'S Chief economists Lawrence Yun stated that buyers are responding favorably. Housing affordability conditions have been at historic highs.The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, and was the second highest monthly reading on record after peaking at 176.9 in January of this year.
....until next week in The Week in Review
Tina
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