Well the spring season is coming to a close, and I have to say I did see a lot of activity in and around my area.
Inventory is still very high- it seems that everyone is trying to sell right now, and most are not having much luck.
What is it like where you are? Are you seeing the 'bottom' of the market yet? Are we still 5-15% overvalued? Some areas are obviously hit harder than others- Las Vegas for example.
I feel optimistic, but I still wish that people who do not HAVE to sell right now would just take there homes off the market. That would be a great way to get some inventory off the table, and supply and demand could get back onto equal ground.
Rates have gone up quite a bit over the last few weeks, and that is going to be a major concern in the coming months. Why would someone buy now, when they feel they can get a better rate by sticking it out 5-6 more months??? Why would someone buy now if they don't really NEED to? Rates have to remain attractive, and while they still are (6.5%- basically where we were late summer/early fall '07), a month ago they were comfortably at 6% or below... That's a big jump, and I fear it's going to keep going!
Well, we'll all see what happens. It's definitely going to be an exciting summer. But let's hope rates come down a touch, and people get excited about owning homes again!
Good luck out there!
:)
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