Some good news to report!
October 2009 shows a whopping 21% increase in closings over October 2008. We know the stock market crashed in October last year, but the closings for that month reflect what was written in September, so I still believe we have market trend. 51% of the closings for last month were between $100,000 and $200,000.
October closings were up 6% over September. That has to be direct result of the first time homebuyer credit deadline of November 30. Since that has been extended and expanded we can look for good market activity in the months to come.
The current inventory is 5 months versus 7.5 months a year ago.
Homebuyers, $250,000 and below, who find a nice house in good condition, should not waste time (and possibly any chance of getting the house) with low-ball offers.
Sellers still need to have the house in market ready condition before putting it on the market and price it right. Pricing a property too high will discourage buyers and it won’t appraise.
{ 2 comments… read them below or add one }
I’m seeing Realtors shooting themselves in the foot by not learning the products they are showing. I build in the custom market, and each home has unique and marketable features that should be pointed out. Although I have signs highlighting them, I also make each Realtor showing my homes aware of my availability to attend the showing and personally highlight the features and answer questions. In 33 years I’ve never had a Realtor take me up on that. When I show my homes myself I see where the personal attention has helped push buyers to a contract. Just a suggestion from a guy with 40 years in the biz.
Steve,
I appreciate your comments and am sorry you’ve had that experience. I’ve represented a high-end builder here for the last 10 years and I generally always get him involved with the customers when there’s an interest in the property/addition. Same thing when I’m showing another builder’s house. It is very helpful.