We're Flat, But Not Sinking. Is this all there is or are we just behind the curve?
Our peak number of closed sales occurred in 2006, like a lot of other places. Now we're down in total number of single family home sales by about 20% but our absorbtion rate is still under 6 months. I could of taken this right out of our latest issue of Realtor Magazine our number are so close.
Our lenders are finally smiling, they have about 10 to 1 refi folders they're juggling compared to home sales. I'm not sure what this means except that more people are staying put and getting a better deal than they had before.
Oh, and those HELOC's that had a floating interest rate! They're getting rolled right into the first mortgage refi.
I have a few buyers who are "on the fence", they want to buy but just aren't sure that they can get the best deal yet. I don't know what to tell them since our price still hasn't gone down, in fact, it's up a little.
So I wonder? Are we insulated or is this all there is?
Happy New Year
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