Monday, October 29, 2007

Latest on Market

Have You Heard????

The latest and greatest on the market: 8% down in September vs 2006 on Resale
4% up in September vs 2006 for New Homes

In the local Hampton Roads market, the sales reduction is more modest(2% range) with median sales price reported down $20,000. Unfortunately the press fails to clarify that a median price is the mid-point of the prices homes have sold. With high end homes(over $600,000) being very slow and homes in the $500,000 to $300,000 also being selling slower(6 to 8 month inventory), it is no surprise that the lower price homes are selling faster and thus driving both average and median prices lower.

As the pent up demand for housing, the psychological impact of continue Fed reductions in short term interest rates and the eventual change in the media's "angle" on the real estate market take affect, we will see the sales of higher price homes in the Hampton Roads area. We are way ahead of many markets, not seeing the depressing sales trends and like.

Yet, improvement in homes sales appears to be on the horizon. With home ownership declining as a percentage, we know there are potential homeowners waiting out a market that couldn't be more favorable for them with historically low interest rates, a great inventory of homes and the opportunity to own today.

Perhaps you are a buyer wondering when the right time to buy is....I will say in more clearly:

Markets always are changing. Now is a great time to buy a home!!!

Got questions???? Post them here and get your answer!!!
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