Price Reductions and Short Sales and Foreclosures, Oh My!

New construction homes have just over a 7 month supply on the market and existing homes are over 11 month supply, clearly we continue to be in a buyer's market. Appreciation or not 2011 is unlikely to favor our sellers with regard to pricing.

So where is this road taking us? Well....it depends. Investors may not realize the rate of appreciation of the past decade but the purchase price will be much lower than homes of the same decade. If you are a seller you may be guided to a lower price point than you would like; however, you will more than make up for your loss on a purchase if you are buying up. And let's not overlook the benefit from crazy low interest rates. For buyers, there really is no wrong road, just click those ruby reds and you are magically transported into a new home with the best of all things known to real estate.

If you would like more information for the upcoming year, there is no need to wait for the Wizard's prediction.  Dr. Lawrence Yun, Chief Economist for the National Association of Realtors will be in Fayetteville to give it to you straight January 18, 2011 from 1-3 PM at the Holiday Inn Bordeaux. Top discussion topic will be the forecast for national home sales through 2011. Following Dr. Yun will be several speakers discussing the impact to NC business and our Fayetteville NC real estate market.

If you are interested in attending give me a call.