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Where are we headed? |
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Happy Birthday to me! August makes one year that I  have been writing the Real Estate Update on Jay Sears' blog, www.myrye.com (August is my personal birthday month as well). Look for some year to year stats on the www.myrye August Real Estate Update, coming soon.
A LOT has changed in the local real estate market in past year- the size of the housing inventory, the amount of monthly sales, the tightening of mortgage qualifications, coupled with changes in our economy as a whole: rising gasoline prices ( Exxon Mobil recently reported the highest quarterly gain ever posted by a U.S. company!) and corporate layoffs. The good news is that we seem to be entering a stabilization period, at least according to stock guru Jim Cramer on MSNBC's Today Show this morning: the government is stepping in to stabilize the mortgage market and gas prices are starting to drop. On the housing front, deals are still getting done, qualified buyers still get financing, mortgage rates are historically low and recently dipped, and serious buyers who want to get their children into the school system before September are coming out of hiding. Some clients are choosing to rent, keeping the rental market strong.
- Still attractive interest rates
- Large inventory of homes to choose from
- Many sellers willing to negotiate their prices
- Lenders are happy to originate a loan for those who qualify
- Buying a home still provides long term value, as most buyers stay in their homes 5 years or more.
* Source: RealEstate Insights, June 2008
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