It seems everyone is talking about the ‘state of the economy' these days. Much of what has happened in the past year is a direct result of the real estate and banking industry, along with the Federal Government's attempts at "bail-out".
No wonder so many people are confused and struggling in today's economy.
Yet, there is hope! The South Sound Real Estate market is showing signs of improvement with pending sales up to the highest levels since May 2007.
Building starts are up 11%, showing that builders are able to get funds to build, and the confidence to do so is returning.
Sellers are able to negotiate with a bit more confidence and some are even receiving multiple offers. Though sellers are still competing with bank-owned homes and short sales, so pricing is very important on the road to selling.
The absorption rate, which measures what type of market it is, has slowly been creeping to equal. Six months of inventory is considered an equal market. In Dec. ‘08 the absorption rate was at 12 months of inventory, now it is at 8 months, still a buyer's market, but showing signs of improvement.
With only a couple months left for first - time homebuyers to take advantage of an $8,000 tax credit from the Federal Government, we should see more homes sold in the coming months.
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