It's 12/27/2009. Twenty-Ten is just hours away. I'm well into my thinking and planning for next year, but I am still reflecting on the year almost past. 
All of us in the real estate business were faced with new and challenging opportunities this year. It wasn't so much that we didn't know it was coming, but most of us are optimists and accepting the reality of fewer buyers in the market - and many fewer they were in the Mountain Empire - was really uncharted territory. We hunkered down and readjusted all our marketing and promotional efforts to bring in buyers to our overabundant inventory. It was a real buying opportunity!

Well a couple of things happened: Active home listings climbed from 79 to 95 and total transactions (homes and land) were almost identical to 2008 and half of 2007. So our inventory is still way out of balance and actually moving in the wrong direction. Tucson, on the other hand, is now virtually in balance with about a six months supply of homes versus our three year supply!

In order to see this market return to normal, we need the target markets from whence our buyers come to come back in balance like Tucson so they can sell their current homes. Even though interest rates are still historically low, lenders are not lending without reasonable down payments and very good credit. Cash is king!

I believe our market is poised to begin a sustained rebound by mid-year, if not sooner. We have traditionally lagged Tucson by six months or so and that market "normalized" in the third quarter. I am excited to have so many opportunities for my buyer clients and I believe my sellers will be happy as well!

Charlie Kentnor, Associate Broker
Realty Executives Southern Arizona - Sonoita
ABR, GRI, SRS, e-PRO
(520) 591-0425

 
This post has been included in Arizona Real Estate News Santa Cruz County, AZ Real Estate News
Post is included in group: The Referral Network

1 Comments on The year end wrap - 2009

DEC
27
2009
1,066,379 Points 68 Featured Posts Outside Blog Called Shot Master

  A positive attitude will carry a lot of "business weight" in your success for the new year....enjoy and prosper !
8:10am • #1


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Charlie Kentnor

Sonoita, AZ

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Keller Williams Southern Arizona

Address: 3266 Highway 82, P.O. Box 726, Sonoita, Az, 85637

Office Phone: (520) 455-5560

Cell Phone: (520) 591-0425

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