It's bottomed out!!!!!...uh...wait...I thought you said that it bottomed out last month.....?

By Shane Ruff

Real Estate Agent with Realty Associates Network Incorporated 475.137455

March 11, 2010 10:03 AM

OK...So you (or someone else..) told me that last month (or was it the month before...I forget...) that the market had bottomed out and that we now need to burn off the excess inventory and things will be all back to Happyville in Real Estate World.

Well......sure. I've read something about 'rock bottom' for the past year from some so called expert (gee....did Da' Dawg give some empty promise along the parade route...I'm sure I did....) But when a big wig like CB/NRT's own Jim Gillespie speaks and gives some hope we should listen! Jim referred to a reason to get into the market now because mortgage rates are going to go up. ...and of course Jim has solid reasoning too:

"Rates should go up as much as previously expected once the Fed stops buying Mortgage Backed Securities. Reason one is the Fed will not immediately sell the securities. The second is private investors (pension funds or other institutions) will enter the market due to new mortgages are solid investments and the spread is very nice to what Treasuries are bringing."

While I give you a moment to digests that I give you this months:

By The Numbers...

For February 2010 Single Family Detached Homes (Information courtesy of MLSNI)

Naperville

Active Listings: 926 (as of 03/01/2010)

Sold(02/01/2010-02/28/2010): 53

Months Supply(Act/Sold): 17.47 Months

High Sold Price: $1, 099,900

Average Sale: $423,324

Average Market Time: 194

February 09 Top Subdivision (sales): West Highlands (5),Lakewood Crossings(3), White Eagle(3)

www.NapervilleHomeSeller.com