If you listened to every news report and pundit's comments on the market, it is no wonder the market has slowed down so much...! Clearly, there are factors that are affecting all of us, including the rapid appreciation of values that in some areas needs to fall back to a realistic level as well as the foreclosure issues, which are occuring for a variety of reasons.
However, as they say ALL REAL ESTATE IS LOCAL and the bad news you are getting hammered with day in and day out, is not reflective of our market in general. Sale prices in the area were down about 3-4% last year, not the 30-40% some areas are seeing, which is helping create much of the foreclosure problems.
Our appreciation has not jumped so high year over year that we need the correction that many areas need. But therefore, while we may have some better deals out there than we have had in the past, I feel strongly we will NOT have the dramatic drop in values, that many buyers are sitting on the sidelines waiting for...
Right now is an EXCELLENT time to buy! Rates are great and there are many values to be had... But we are also seeing some buyers sitting back waiting for more and more to drop due to the reports they hear and while in some instances that may work, many times they will lose out on the home they may have wanted. At minimum, don't wait, but write an offer to see if the home you are interested in will be able to be had for the price you want to pay.
Everyone wants the economy to continue to grow, as it benefits all of us, not just those in the housing industry. However, as Realtors and professionals in the industry, we have to counter daily the National Reports that I feel are contributing to the problems already in place.
If you are an Investor, rentals are starting to become more and more in demand, so purchasing some of the homes on the market to rent can benefit you in the downturn of sales. And as the market moves back up, as it inevitably will, you will see your investment payoff in increasing values as well!
OK, enough for today, I need to get out and sell some homes! If you know anyone in the market to buy or sell, please pass them my name, email, blog site or website at www.LisaAdkins.com
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