Monday Market Update

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Ah, the end of summer is very near. Vacations are done and kids are getting ready to head back to school. Surprisingly, I am still seeing some showing activity out there. Showings are still happening on well priced, well staged homes. Buyers are still looking for a bargain. Foreclosures are still occurring. The government is trying to fix everything with tax credits and lending guidelines.

It still comes down to one thing, responsible buying. (see foreclosures for inspiration) If a lender has to jump through hoops to get your loan through…then you might want to reconsider and look to purchase something less expensive. It is afterall your future. Your dream home might not be your first home, but in due time you will get it…build up to it.

I am encouraged to see that the total number of homes on the market have decreased over last year (2310 LY vs 2178 TY.) The supply still exceeds demand…basic economics. Until one of two things happen, either we need more buyers or less houses on the market. Reality of things, we won’t have a boom of buyers with the current economic situation any time soon. The number of homes will still be high until we get past the financial problems that are impacting the number of foreclosed homes. Sellers really need to ask themself; “Is this the right time for me to sell? Can I stay in this house a little longer?” If you might be able to answer yes to either…why sell now. The market is not in your favor right now. Check back in 6-18 months.

This chart represents the number of homes on the market by varying status or types. The encouraging number is that the number of under contract homes are flat to increasing over last year and the number of new homes entering the market have been slowly declining.

I really think things are looking up…let’s keep it going in that direction. If you need to find out what you can afford to buy, I work with reliable lenders that are waiting for a call from you. If you need to sell and would like to see what the market could do for you and your the sell of you home, call me.

Have a great day.

August 11, 2008 · Filed Under Frederick MD Real Estate

Comments

2 Responses to “Monday Market Update”

Chris Griffith on August 11th, 2008 8:02 am

See, the numbers are going down. We all knew they would

Chris Griffiths last blog post..Home is Different To Every Little Body
gotbob on August 13th, 2008 8:02 am

Shh…don’t tell main stream media.

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