With the mortgage industry crisis topping the news recently, qualified real estate buyers have finally decided that now is the right time to crawl back out of the woodwork. Reports of competing buyer offers are on the rise again, which makes sense because these buyers are focused on the properties that are in good shape and priced to move.

Determining if the market is finally turning around is fairly straightforward. Is the amount of unsold inventory (i.e., listings) trending up or down? What about the number of sales? Number of days the property is on the market? And yes, finally... price.

A good example of a changing market right now would be Washington, DC. One of the hardest hit markets a year ago, the capitol district's average days on market peaked at 108 days back in February to 75 days in August, and median prices are up a whopping 25% since a year ago August.

With sales along the Grand Strand down a whopping 27% in August 2007 over August a year ago, our buyer's market is definitely not over, but properties that are in good condition and priced right have been moving in a reasonable amount of time.

And despite the media's doom-and-gloom predictions, Myrtle Beach is every bit the desirable location it was two years ago - and with prices back to 2004 and 2005 levels, the Grand Strand is even more attractive than ever!
 

1 Comments on Is the Buyer's Market almost over?

SEP
27
2007

Hi Christopher, the buyers' market is definitely not over in Titusville, FL
Inventory remains extremely high, buyers' are bringing in ridiculous offers
without giving any thought to the sellers' circumstances.  One thing, on a
positive note, is many sellers' are not countering or are shaving off much
less than I've seen over the past year - probably because many agents
are pricing properly from the start.  I feel our market is as much as a
year away from turning.  Meanwhile, it's business as usual - work harder
and smarter :-)
2:50pm • #1


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