Wow, it is great to see things moving around central NC. The area is gearing up, but the market is still a buyers market in the area. There are a large number of properties currently available in our area and they are not just starter homes or larger homes, we truly have a large variety on the market right now. When I try to distinguish what the actual trigger was for the current flurry of activity we have seen in our office I can link it back more to the government oversight of Freddie Mac and Fannie Mae than anything else. That following week things really picked up here and have continued to roll steadily along. With any luck, the election will boost the consumer attitudes in America to get the economy back rolling.
I think my biggest concern right now is the next 12 to 24 months. This government bailout is scary. Our economy tracks certain economic cycles, and always has. I do not know why we now think that we can throw a little money around the market and alter the natural cycle of an economy. We are only prolonging the inevitable. Without getting into the complexities of how our economy works, for I truly believe that most people are looking for the short and simple answer, the bailout is little more than a bandaid on a broken bone. The bone must be reset and allowed to slowly heal itself. It is the way of a free enterprise market.
The government consumption of all of the "toxic debt" is very discouraging also. First, what lesson have these companies learned. Maybe wait until an election year to really screw things up so the government will do whatever it takes to save face with the American public. My other heartache comes from my personal position. Bottom line, I pay my bills. Now I have to pay for everybody elses bills also. I do not take on debts and risks that I cannot afford, and I should not have to pay for the ignorance of others either.
As far as how this is affecting the real estate market..... If you ever thought of buying a resort or vacation property, then now is the time. If you want to buy a first home, now is the time. If you want to build a home, now is the time. If you want to sell your current home and buy a new or larger home, now is as good a time as any because the same market forces that are affecting the selling side of the transaction are also affecting the buying side. However, if you are looking for a handyman special, the overload of foreclosures is a beautiful thing. Many clients are wary of foreclosures, but foreclosures are not just the small junk homes anymore, there are some half million dollar waterfront homes in that category also. The bottom line for buyers, if you want to buy, this is the best buyers market in well over a decade. If you are selling, then make sure you do what it takes to make your house the best on the market. Do a little extra work to get it in tip top condition, and consider professional staging. If you are a builder or subcontractor, I know what a lean Christmas is like. I feel your pain.
Comments(0)