With all the news and doom and gloom, everyone wants to ask me what the market is really like.  First, remember all markets are local.  Statistics are used to describe the market and to make generalizations.  The problem with this is that one area can influence the market.  When the news speaks in generalizations, it can influence everyone for the good or bad. 

What really got me thinking about this was a blurb on the Today show.  I say blurb because 4 minutes is not long enough to cover a story like this.  It showed how the sales in the housing market are changing.  It really painted a picture of how the markets were down everywhere in the country except for New England.  I watched with interest and then decided to share it with fellow Realtors® at the office.  In the process of pulling up the video, I also received several other videos from MSNBC and CNBC.   I watched with great interest to see what these videos had to say about the housing market.  (Unfortunately, I can't locate the videos to link, but I will keep looking.)

Wow, what a difference.  The guests on the two other videos spoke of many issues driving the markets.  First and foremost, California and Florida have really influenced the national numbers.  We have all heard about the "wild" California market for years.  We all wished we could see that type of appreciation on our homes.  The mortgage companies do a large number of Jumbo loans in California and they have recently tightened down on their Jumbo loans therefore making it harder to receive credit.  Then there is Florida...  As a Realtor® and knowing many Realtors®, we have seen many transplants to South Carolina and surrounding states by Floridians who want to get away from the hurricanes.  Also due to the hurricanes, homeowner's insurance has skyrocketed in coastal areas (SC included).  So in Florida, they are not only dealing with hurricanes, mortgage lending practices, but also insurance rates.  Anyone want to move to Florida?  I am sure I can find you an agent and a bargain!

The areas that are hardest hit by the recent markets are areas that have experienced LARGE double digit price increases over the past several years.  This means in addition to Florida and California, areas like Phoenix and Las Vegas are experiencing sales declines.  The good news for Sumter is that our prices, while increasing over the past few years, did not skyrocket with large double digit increases over the past few years.  What we are seeing now is more and more houses going on the market and not as many buyers.  This means there are more choice than ever for buyers and more competition for sellers. 

Stay tuned to my blog for more information and details....