Wednesday, November 12, 2008

I Wish I Had Bought Then! Housing Market Update

This is the type of Real Estate market that two years from now everybody is going to say, “I wish I had bought then!” All the factors are lining up for the next six to twelve months to be that year. Also, with concerns of inflation on the horizon consider this, if inflation does devalue our money then house prices, along with the price of almost all other hard goods will increase in value, and the buyers who make purchases in the next twelve months will benefit tremendously.

Market Recap:
· Inventory levels dropping across the county
· Average closings at 195/week for past 6 weeks
· The market is beginning to slow down for the holiday season, so it’s a great time to get a deal
· The new loan limit of $729,000 will be expiring December 31st, 2008 and will be changed to $625,000 beginning in 2009
· The elections are finally behind us!

The housing stats I’ve reviewed and interest rates below are consistent with the beginning of the holiday season. We still have about 6 and a half months supply of housing. In this type of market, deals can be made. The buyers in this market can negotiate great deals and if you are purchasing for the long term, now is a great time to purchase when prices are low and interest rates are desirable.

"The policy of being too cautious is the greatest risk of all."
* Jawaharlal Nehru (1889 - 1964)

Enjoy the rest of your week and if you know of a friend, co-worker, family member or even a stranger who really wants to buy a piece of property and needs some motivation, or accountability, let me know. I’ll be sure to help them get what they want.

The table represents aggregated values based on MLS data for the specified date.