All the media say it over and over again...it is a buyers market, but some buyers are still holding back. Heres the current stats of our market;
- Prices are down. In Ridgefield, your can consider a 4400 sq ft house for $900,000! Gee, in 2003, that house could have been $1.2M!
- Inventory is up..currently 275 Single Family houses to choose from..the more the merrier, right!
- The Mortgage crisis is settling down and many "see the light at the end of the tunnel!". Not to mention the fact that conforming mortgage limits have been raised allowing for MANY purchases here in Fairfield County, and buyers are much more "REAL" and qualified these days.
- I have read some polls lately that some 75% of people think the Real Estate world will start to improve and be back on track where appreciation will be realized in 2 years.
- SELLERS are MOTIVATED and really do want to sell. Some sellers are more realistic and have adjusted their prices to todays world...AND, in just the last 2 weeks, I have been involved in 2 MULTIPLE OFFER situations and heard of several others!! When was the last time we had that??? 2-3 years ago, maybe....
Some buyers are out there saying, " I am waiting for the bottom", then I will buy. Unless they have a real crystal ball, who can predict the future? We do know how far "real" prices have adjusted, and things are moving(As of 4.4.2008, there were 10% homes under agreement in Ridgefield...we havent been that high in over a year! And, an additional 27 homes pending to close!) If a typical buyer were to keep waiting, there is no guarantee prices will continue to adjust, and they could miss out on the extension by the Feds to increase the Conforming Mortgage limits through the end of the year.
If you are a potential buyer, call today and let me show you the hard numbers of what is SELLING and WHY? Dont miss the boat...or I mean HOUSE!
Steve Scott and Debi Orr
The HomeVision Group
203.247.4651
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