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.