STATE OF THE MARKET - A BETTER OUTLOOK?

11.22.07

NPR had an interview Monday morning with a builder of custom homes. In my opinion, the interviewee reflected a much better, more accurate view of the real estate market than what has been portrayed for the past months by much of the media.

What was basically said, was that the market (for this builder’s homes) was generally not bleak at all; his homes were selling; money was relatively easy to get; and (his) prices received for the product were not "off" a lot from earlier, and presumably a bit, higher levels.

In short, while the media was, and still is, making much of the real estate "mess" present in certain sections of the country, many other areas are seeing business in a much better light!

It was nice to hear that segment on NPR, and I hope many buyers who might be looking in our region, either heard it, or might hear others like it. To date many have been offering many of us "reasons" for delaying purchases up here, not the least of which has been an expectation of lower prices.

Many buyers may think that by holding off they will see pricing declining. This has occurred in some categories of properties, but it is not occurring, in my opinion, in those categories that are targeted by the majority of buyers we deal with in this corner. Recent sales, although fewer in number, show transaction prices to be holding up fairly well against asking prices. The issue for many sellers is to decide what the correct asking price is, versus what some (of you) are trying to get, since proper pricing is the key to any successful sale.

Enjoy a safe, happy Thanksgiving.

©2007 R Leech features