What the heck is going on?
Our local newspaper is always doom and gloom. Here we have been run on the roller coaster from up and down great time to buy horrible time to sell. Lower your price; raise your price Im so sick of it. I think I even see some miss information about our market. Our business-planning group does a monthly trend report on what is listed and sold and then we compare from year to year and year today.
We noticed for the 1st month in years this trend showed both listings and sales down. Now is this the start of a new trend? Well be looking again at the June numbers. Will this indicate a stable market or flat market? Now is still an awesome time to buy. Yes I agree sellers are going to have to put a good product on the market well priced an offering more than what they did a few years ago. But guess what when they follow the advice and “fish” the price around these homes will sell. I also do advise my clients if they can hold out 1 year. Let the elections run there course.
I think we are in a slow release of the housing bubble. I don’t think I hear a burst at least not in Hampton Roads. We are pretty luck coastal community, military, and tourist. I think this helps our turn over greatly. The local paper noted that we are -9.4% lower than our median price and -1.1% lower on the median sale price form the prior year. I want to know REALLY should VALUES have ever been as high as they were. What would happen if we have a trend graph of what would have been normal in the past 5 year appreciation and where are the price compared to that? They also stated our listing were up for the year. I’m not sure what report they were using, as out planning session that pulled month end reports from REIN did not see the same numbers. We actually saw a decrease in listings from this time last year and a decrease in buyers.
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Alison Creamer
REMAX Allegiance
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