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Market at a glance for March
8, 2008
25 Properties Under Contract
21 New listings.
( Past 14 Days)
9
Just Sold ( Past 14 Days)
For all you buyers out
there consider the
following:
Affordability,
Availability and low
interest Rates
Eventually, buyers will
recognize that houses are
more affordable and home
purchases will turn up. This
would set the stage for a
turnaround in the overall
economy.
The decline in housing still
appears bad now, but there is some good news amidst
all of the bad. The decline in home prices and the
decrease in interest rates from the Federal Reserve
make houses more affordable. In fact, the measure of
housing affordability from the National Association
of Realtors increased in the first quarter to the
highest level in four years. This is often a
precondition to a turnaround in the housing market.
Buyers are still not rushing to purchase homes even
though they are more affordable. That's because
there are still a lot of homes for sale. If a
potential buyer wants to buy a house and it is sold
to someone else first, there is probably another one
equally as nice just around the corner.
However, eventually, lower home prices and increased
affordability will attract more buyers and the
excess supply of homes for sale will decrease. At
that point, buyers will begin to step up and
purchase a home rather than hang back and wait for a
better price. But we are not at that point yet...
I believe we are 6 to 12 months away form seeing
this as a trend. For right now it is
still a buyers' market and, while our market is
showing signs of stabilizing and activity is picking
up some markets like Las Vegas and Florida are still
showing signs of decline . This means housing will
probably remain a drag on economic activity much of
this year.
In summary, the decline in home construction has
significantly reduced the growth rate of the U.S.
economy during the past two years. Now, other parts
of the economy besides housing are suffering as
falling home prices dampen consumer sentiment and
spending. Even business capital spending has turned
down recently. The good news is housing
affordability is improving as home prices decline
and interest rates decrease. Eventually, buyers will
recognize that houses are more affordable and home
purchases will turn up. This would set the stage for
a turnaround in the overall economy.
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