Friday, December 19, 2008

Happy Holidays! Housing Market Update

The holiday season is in full swing! I’ll be finding myself spending time with friends and family, reminiscing on the year and making plans for the future, and part of the reminiscing has brought me to you. I thank you for all your support over the past 4 years of my real estate career. I hope you feel as though I’ve been there for you the way you’ve been there for me.

Wishing you and yours all the best for the holiday season and a fantastic start to 2009, the year we push this economy back into high gear!

Market Recap & Prediction: I’m expecting a huge rush of people buying in January and February because of the government dropping mortgage rates.

· The government is considering dropping rates significantly in January for loans under $417K!!!! Contact me about this!!!!
· Inventory levels continuing to drop across the county
· Average closings at 170/week for past 8 weeks
· The market is beginning to slow down for the holiday season, so it’s a great time to get a deal

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.

Also, I have a client who is looking for someone to purchase his condo and then turn around and rent it to him. The property is right next to Ebay and it should sell for about $490K. He is willing to pay above market rent for it while he stays there. If you are interested in a turnkey investment property like this please contact me.

"Courage is doing what you're afraid to do. There can be no courage unless you're scared."
* Eddie Rickenbacker (1890 - 1973)

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.