Last week, the Daily Press front page boasted a headline "Area Home Sales Down 23%!" Reporter Chris Flores went on to regale the grim declining housing market. If you read the article carefully, you could pick out the nuggets that should have made the headlines...such as
Hampton Roads Makes Top Ten of Least Riskiest Markets for Foreclosures!
or
Despite National Housing Slump, Local Area Median Prices Remain Steady!
or
Peninsula Real Estate Market Outperforms the State and the Nation!
But, no. Flores chose to lump together Peninsula housing statistics with Southside statistics, suggesting a far worse picture than the truth. Here is what you need to know: On the Peninsula, closings are down about 14%, a carry over from a sluggish final quarter of last year and slow start in 2008. And, pending sales are down less than 8%, suggesting that things are beginning to improve.
Sellers: Despite a drop in sales units, values have held steady. That means there is still time to capitalize on the equity growth that we all enjoyed during the recent boom cycle. You need a realistic expectation of lengthier market time and should be prepared to negotiate; however, moving up in the current market still has an upside.
Buyers: It's a great time to buy. Plentiful inventory, low interest rates, and sellers who are frightened by the onslaught of histrionic media hype about the market create an environment ideal for buyers.
Given the mortgage liquidity crisis that stalled the national economy last August, and the volatile economy that resulted, our housing market on the Peninsula has remained a shining bright spot. Consumer confidence is a key ingredient to keep our local economy and housing market in balance, no thanks to the Daily Press.
I hope that I've enlightened & informed you!
Successfully,
Williamsburg's Preferred Realtor!
Yvette Smith, SRES® REALTOR®
Liz Moore and Associates
5350 Discovery Park Boulevard
Williamsburg, Virginia 23188
(757) 753-7472 cell
(757) 645-2155 office
(757) 240-5674 fax
Licensed in Virginia
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