If there is one certainty about the real estate market, it is that there are no certainties! It will continue to change and surprise you, especially right when you think you have it all figured out. Although it is fun sometimes to try to predict what the market will do, the truth is that no one really knows with 100% certainty, and so basing your buying and selling choices on what the "experts" tell you the market will do is just simply unwise.
If you want to buy a house, you should buy a house. If you don't want to buy a house, you shouldn't buy a house. It is impossible to guess when the market will "bottom out", and if you wait until it does, you will have already missed the bottom by at least 6 months. Many banks are quoting a 5.375% interest rate right now, which is amazingly good! On a $200,000 house, that saves you over $100 a month compared to the 6% rates from just two weeks ago!
If you want or need to sell your home in this market, it can be done! We are still selling most of our listings in 30 days or less and for full price. In just the last 2 months, we have taken 21 new listings and have sold 14 of them. We currently have 10 out of our 26 listings under contract with a buyer in other words 38% of our listing inventory is under contract, compared to 12% for the market overall.
Although the stats show that August was way down compared to August 2007, we will probably see a major balancing out in September. For me personally, September will actually be my best month ever. In the last two weeks alone, we have had MULTIPLE OFFERS on three of our listings, which is very uncommon in a buyer's market.
In this type of market, all sellers are in a price war and a beauty contest, and in order to sell, you have to win both. If you are prepared to compete in both, we can help you succeed in selling your home for the maximum amount possible in today's market. Just let me know and we can talk about your specific situation.
View my full report, complete with charts and graphs, here: http://www.morleygroup.com/files/MarketUpdate.pdf
