|
Distinctive Country Properties
860.435.9891 |
|||
|
|||
12.24 - 12.31 2009 Well, what a year! Not good for the most part, but survivable for some of us. Deals were made and purchase prices were very good for the closings that occurred. Opportunities were achieved by the few who wanted to buy, where sellers wanted to sell. Other deals failed to close due, mostly to sellers not yet ready to understand, or accept, the new value reality that will be setting the base values for the coming years. Land sales, when occurring, saw drops of as much as 50% from those attainable 24+ months ago. Improved property, with a very few exceptions, saw drops of between 15% - 38% off original, or sometimes reduced, listing prices. For the coming year, much the same is likely to be in place. The Banks will be tough in their mortgage grants. Appraisals for mortgage applications will be difficult to obtain on property categories that have seen no sales for over 6 months, if offers surface on these currently 'dormant' properties. Buyers have a new 'mind set' for country home purchases. Renting may become a new alternative to buying for some. With no known security in the job market, and questionable bonus programs for at least 1 - 2 years out, funds for country real estate may elude many, thus keeping volume very low, in comparison to the past. Cash may be the 'king' for sales. Extreme bargains will be snapped up. Every other sale will be on a case-by-case basis. To all my readers and clients, let go of this year and hope that 2010 will be better for all of us! ©2009 R. Leech features.
|
|||
|
Robinson Leech Real Estate 318 Main Street | P.O. Box 1627 | Lakeville, Connecticut 06039 Phone 860.435.9891 | Fax 860.435.9400 | info@robinleechrealestate.com
|
