I just got back from my weekly sales meeting where I garnered the following information about the market:
1. New home sales were down in September 2005 from September 2004 1.73%, which is not much, but indicates the building slowdown many have been predicting.
2. Residential resales in September 2005 were up 20.91% from September 2004 (12,086 vs. 9,996). The resale market is still holding strong!
3. Price reductions on the MLS are the talk of the town. Scores of homes are going up at one price and being quickly dropped down. Most real estate professionals agree that this is not because prices are actually dropping, but because so many sellers have inflated expectations due to the outrageous market we had previously been experiencing. (Score one, for pricing your home correctly to begin with! It’s quite likely that if you end up reducing your price, you will actually get less than you could have if you had just started out in the right area.)
4. The word on the street is that the investors have finally left town for more uncharted territory like Albuquerque, New Mexico and Independence, Idaho. Hooray!
So now is a great time to buy. Prices are softening as are sellers. And would-be sellers, now is still good for you; interest rates are low and demand is still high. Call me if you’re interested!