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Time to Pull On Our Big Girl Panties and Get To Work
If you needed any more proof that NOW is a great time to BUY, this compelling post by my Active Rain colleague Leslie Ebersole out of Chicago IL should put any last doubts you have to rest.
And SELLERS, PLEASE take note of what Leslie has to say.....I couldn't say it any better myself!
Leslie, THANK YOU so much for this awesome post!
How could I not have mixed feelings about this week's housing news? On the one hand, my self-congratulatory pat on the back feels fabulous: I was right. On Tuesday the National Association of Realtors released dramatic and disturbing data in the Existing Home Sales Report. In my post featured on Active Rain three days ago Home Prices Will Continue to Drop many commenters described local increases in closed sales prices over the past few months. Likely true...it would be hard not to show increased sold prices in 2Q 2010 versus 2Q 2009. But the national sales data for July 2010 shows a barely measurable price increase of .07% over July 2009.
The data also shows that median list prices are dropping -- sellers are lowering prices in response to agent and buyer feedback -- so the houses that do sell in the coming months will likely sell at lower prices. (see dynamic chart below for St. Charles, IL)
THE BAD NEWS: closed transactions fell ... more
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