Well I guess by now the cat is out of the bag with the housing market. The truth is I don't think its all that bad in my area. Sure some homes are taking longer than others to sell. However there is that rare one that sells in 5 days. I still believe the media is making it even harder for us to help unload some of this inventory. They are driving people away with all the negative media attention real estate has received in the past few weeks. There still are good deals to be found and investors have become more leery of what they purchase. I guess the lenders are now making it even harder for the first time home buyer. Could it be that the days of putting 3% down are gone? Forget about a buyer who wants to do 100% financing. I just don't think lenders are going to put themselves in that position anymore.
I happen to agree with you. There is a lot of junk on the market. The good stuff sells if it's priced right!
Hello Nick,
I could not agree more. The media is portraying a much worse picture than reality in my area as well. I think that it is pretty much state wide. The sub prime negative media and foreclosure stats aren't helping either. I don't see many foreclosures in my area and it isn't all that difficult to qualify for a mortgage. Perhaps a little stricter guidlines but things were getting to loose anyway.
In the beginning of the year Century 21 as the largest residential franchise organization as well as NJAR and NAR were making a truly great effort to counter the negative press. I do believe that it was working but the effort seems to have died down now.
We are selling our inventory. Anything in the lower, entry level range is a HOT listing. That's okay with me because we need to get the first time buyers back in the market, they are the first domino that starts the chain reaction of the homeownership cycle. Yes, we all like the higher end transactions however I just like doing transactions. I do believe they all add up.
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