Hello...
Well another Thanksgiving being over can only lead to one thing... Black Friday. Traditionally, this is the first Friday of the Holiday shopping season and is called such because its the day that retailers all over run sales, promotions, and a ton of marketing to get you in their store and to sell, sell, sell to get out of the red and into the black. This season is seeing a few different things than the past few years in the housing market. We have inventory making a turn with homes selling. We have historic lows for housing prices. We have mortgage rates that have dropped again to great rates. And, for the first time in a few seasons we have more well-qualified buyers in the market ready to buy homes. In effect, we have our own Black Friday going on in our local market here and it is happening in markets all over the US.
As a buyer, now is the time to find that home. You have been waiting this thing out for a couple years, listening to friends who scare you away from making the purchase... most of whom likely bought in the height of the market between 2003-2005 and now wish they had your ability to make a steal. I have had more multiple offer situations with my buyers since August than I have had in the past several years combined. I also am now getting a sense of urgency from buyers that I have been working with for 18 months or more. You may not have heard it here first, but understand that we are losing the "buyer's market" that most markets have been experiencing since 2006.
No matter who you voted for, we have a change at the top that we haven't had in 8 years. We have more cooperate restructuring going on and cooperate America is under more scrutiny than ever. Most markets have hit the bottom and are working towards a rebound. Its not too late, but the advice I give buyers is that we will likely look back on the deals had in 2008 and wish we would have made more out of many opportunities. After you go to your favorite big box store and pick up the Wii, LCD TV, or leather sofa... take some time to think about a new home to put them in.
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