I read a great deal of articles online these days with business being very slow, the most recent being an article on YAHOO! saying that the market would continue to go down and hit "rock bottom" in 2008. The report says thorughout the nation we will see record low sales prices and a very low number of home sales during 2008, with hopes the market will turn around in 2009. With more homes for sale and for some unknown reason less buyers than ever the market seems to have just stopped.
However, we just got our local report here and it says that our area has already seen our "record low" and despite that home prices are up 6.6%. It also says our market is going to start to turn around in early 2008. That is quite a bit of a difference from the other market report. While our area has just recently seemed to get hit with the "down market" it has taken a toll on us all. Our reports along the way stated that Raleigh and Charlotte where the only two places around that actually went up in home sales earlier in the year. One at 7% and one at 11% but we all knew that wouldn't be the case long term. A great deal of our local troubles have to do with our water shortage, they have now stopped giving out building permits in 3 counties and tapped a lake to get water to Wake County. Between that water shortage, building permits down and lack of current homes selling that has really cut down on new homes being built.
So, that sounds good, but which one do I listen to? Do I get my hopes up that our local market in the Raleigh area will turn around in early 2008 like the "local experts" say or do I stay head strong that the market is just not good for selling until 2009?
It's very confusing and so I wondered if you guys wanted to share what your local markets are saying? Your feedback is greatly appreciated.
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