Thursday, November 19, 2009

Inquiring Minds Want to Know......

What's happening in the Real Estate market? It is the single most asked question I've heard in the past 2-3 years. I can tell you I had found myself dreading the moment over these past few years when the questions would inevitably be asked. The main reason being I didn't have any good answers. Oh I had answers, just not any good news I should say. Being one who was always taught if you didn't have anything good to say, best not say anything at all, I found myself uncomfortable telling people that prices were falling and average time on market was well over 180 days. Not to mention all the foreclosures coming down the pike which would only make matters worse.



Good News is on the way!! Something has changed and I find myself now enjoying the moment when this question is asked once again.. This in itself is my indicator that the market is on it's way to recovery.



The Results Are In!
•1. Existing-home sales SURGED in the 3rd qtr up 9.2% over 2008 according to the National Assoc. of Realtors.
•2. Pending home sales for Sept had increased for the 8th consecutive month and is 21.2 percent higher than September 2008
•3. Financial Incentives have been extended and expanded! The much talked about bill has been passed to allow an $8,000 Tax credit to First-time home buyers as well as $6500 Tax Credit available to current homeowners who have lived in their homes 5 consecutive years.
Read the Articles in their entirety by clicking here... ping.fm



My Answer....The market is looking up.
I do believe that based on past history, I, as a realtor, have always known exactly where the market was and where it was heading and the media takes a few months to catch up. Once the media declares that we are heading toward a recovery we are usually well into it. However, when we speak about recovery let me clarify that I am talking about existing -home sales increasing and prices finally leveling off instead of dropping as they have consistently for the past 2-3 years. I believe that many people confuse hearing that the market is turning to mean that the prices will jump right back up to what they were a few years back. Not going to happen in 2010 that is for sure. I believe we could be looking close to 5 + years if we are lucky. What we will be experiencing is Sellers spending less days on market, and buyers getting a more reasonable priced home.
I do believe that we have finally come to a meeting of the minds. The Buyers because they have missed out on some good deals due to trying to put in too many low ball offers realize that perhaps they should make an offer based on what other homes have sold for and not just offering $50,000 or more off the asking price on a home that is listed for $199,000.
The Sellers have finally realized that they are "Not giving their house away" but that the value of their home is no longer what it used to be. Combined we are finally putting more deals together and people are once again starting to enjoy the buying and selling process. Things are looking up!
I welcome your thoughts!

Donna Mahoney, Realtor
Debbie Mackenzie Realty Windham New Hampshire
Direct (603) 548-5487 Office: (603)560-1842 Email: Dmahoney1231@yahoo.com