I freely admit that I am a news junkie. I get my fix from Rush Limbaugh, WBT Radio, and Your World with Neil Cavuto just to keep me level. I love hearing their opinions and hearing the way that the media loves to panic people daily. When its hot, they send someone outside to try unsuccessfully to fry an egg on the sidewalk...as if people are so stupid that they equate the outdoor temperature to how they like their eggs. I like my afternoon sunny side up.
The same is true for the housing market. On CNN today, a reporter commented on the latest round of mortgage banks exiting the industry that "the result will be the only people who will be able to get a mortgage will be those with LOTS of money to put down and have perfect credit." The only thing statements like that are going to do is drive up rents.
Here in Charlotte, we've been appreciating at a steady 5-10% thanks to relative lower taxes, plentiful new construction, good schools, etc. Our days on market dipped below 90 for the last few months and the average sold prices have increased substantially. While we are still in a buyers market here, its healthy and there's nothing to fear.
For sellers, those homes listed way above market value, without a solid marketing plan using diverse avenues, with dated or overdone interiors, or offering low commissions will have trouble selling. But they would have trouble in every market.
For buyers, there's a home for them in all price ranges as long as their expections are reasonable.
So don't worry. Its not as bad as the news media make it seem.
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