Nov
19
November 2008
Posted by Ron Estell under For Buyers, For Sellers, Regional News, Littleton

What is the Impact You?The month of October saw a continuation of the trend of lower inventory levels and higher sales. I fully expect that next months sales will be much lower because of our current economic difficulties and seasonal patterns. This however, does not mean that our recovery will falter substantially. Give us your analysis by posting your thoughts at restell.featuredblog.com. This MonthFinancing for homes up to $419,000 is still readily available. Many assistance plans are available that could allow you to move into a new home with no money down and very competitive rates. Loans in excess of $419,000 are considered “Jumbo Loans”. Sales in this category have slowed somewhat due to higher interest rates required by investors. The hardest hit segment is homes in the $750,000 and above range. If you are in the market for a home in this price range, now is the time to get a great buy. Sales in October were 11% better than the same period last year, signaling an improving sales climate. Inventory is also down 20% over the same period and now is at a level not seen since mid 2005. So What?Right now nothing says the economy will bounce back before the first of the year. But, in real estate, the formula of reduced inventory and increased sales put an upward pressure on prices. Just like the stock market, we don’t exactly know when prices will improve. The only way we will see it is in the rear view mirror, after it happens. When the market turns it will turn rapidly. Real estate prices are not as volatile as the stock market, but it is very easy to miss the first fruits of a upswing.



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