Local Market Conditions & home prices

The economy . . . .

Houselete News about the economy is everywhere.  I am bombarded by it from the TV and the newspapers and all over the internet.

In the last couple of weeks I have been reading that we have hit bottom and things will get better.  I want to believe it but I don't.

Activity has picked up in the housing market but the prices have gone down, there are too many foreclosures and there are two many people who want to sell but can not because they owe more on their homes than they can sell them for.

Yesterday I learned that yet another one of my neighbors has been laid off and I see so many for rent or for sale signs in the vacant store fronts and office spaces around town.

Local restaurant owners tell me that business has been down. and I notices signs in front of businesses offering "economic incentives".

I am no expert but I am not seeing any signs of improvement in the economy.  I don't think my neighbors are either. 

As for the housing market it is what it is.  A good time for buyers if they have a good job and are in a position to buy a home. A bad time for sellers unless they have equity.  Many of the sellers do not have enough equity to accept the low ball offers that buyers are making and buyers will only buy if they think the home is a bargain.

4 comments on “The economy . . . .
  1. Yes, everyone is suffering with the economy down. It is bad news for the sellers that property prices are going down. But buyers can get profit of that time. They have to pay less money to purchase new property. Smokinhotpropertyleads.com can help you in that matter. Even you can get the guidance of dealers online. Just logon here: http://www.smokinhotpropertyleads.com and get the updated information about the real estate.

  2. The high end has been seriously hit in our area. The rest of the market moves IF the home is sensibly priced. Enough home owners are willing to be sensible now for me to do some business. Last year I couldn’t get listings at all because I told people the truth. They went with the agent who over-promised and now their homes are worth even less.

    This year, I get the listings of sellers who realize that playing games with the price won’t work. The main problem is the banks that are moving at a snails pace. I’ve had the same sales in escrow for MONTHS now. But I’m not complaining – other agents say have nothing in escrow – so I am thankful.

    Have we turned the corner? No, but I do feel that we may be near to turning it AND that the sense of “free fall” is over. However – job losses are a tremendous worry. I’m seeing far too many people having their hours cut as well. A friend of mine just got a whopping 25% haircut on her paycheck.

    It’s a mixed bag..

  3. It seems like a lot of markets are getting better, a little at the time. Our market in Bergen County New Jersey has been improving. Most areas are improving around the country. It is spring and we look for a better market now. The test is can it hold up in the summer?

  4. M.A.Mielke says:

    I work in the real estate industry closing transactions for people. I deal in commercial and residential property sales. Both sectors are way, way down. In April it seemed like things were turning around a little bit; May was a little less so; and June, thus far, really makes me wonder what on earth is happening out there. Lenders, Realtors, Builders that I talk to are seriously, seriously, worried. The news out there is a mixed bag…one day it sounds like something positive is happening and the next day the news is about how many more people are going into foreclosure; and how many more are loosing their jobs.

    Honestly, I haven’t seen much positive from the trillions of dollars being thrown at this problem.

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Teresa Boardman
Realtor®, MN,
Licensed Broker
Saint Paul Home Realty
651-216-4603
teresa(at)tboardman.com
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