Ability Realty

Well here are the November Statistics from our MLS. Nothing really earth shattering except a small fall in the number of Active Listings and Listings Under Contract. I was looking at another statistic on new listings over the past three months and they were 2497, 2399, and 2224 respectively showing a continuous drop. Also the re lists were 254, 266, and 184 for the same time frame. What this shows me is we may be seeing a slowdown in homes listed which will help in removing some of the excess inventory. Now keep in mind January is coming and we may see a jump in listings. To me that will be an important month to watch. I still feel March will start to see more buyers entering the market.

This past week I have shown homes that are now priced below the start of our 2005 debacle. If that is true, many sellers are selling below that price that should have been the normal increases for that time frame. I really feel we are going in the wrong direction now.

Here is another statistic that just came out. Nationally the sales of newly constructed homes has fallen by 9% last month. This is the lowest since April 1995. Now something is really wrong there. Where are the Buyers? This sure helps reduce the Inflation worries of the Federal Reserve for the moment.

You or they are waiting for the bottom. Guess what!  I think we just passed it and we are soon going to wake up and see that. Are you ready, and do you have your financial ducks in a row? I know I now have more buyers starting to look and get a better home now before things start moving up again. Interest rates are hugging 6%. The Federal Reserve did lower their rates by 1/4% in December as I thought they would. I still think 1/2% would have been a better number but they want to be safe and not really charge the economy. I really think they are out of touch with what is really going on.

Foreclosure numbers have gone down some but I am not sure it will stay that way. The deal President Bush struck with the larger Lenders will only help a small number of home owners who have good payment history and are not behind in their payments. These are the people who have ARM’s that are about to go up. I wish we could help those who are in foreclosure for other reasons. BUT NOT THE INVESTORS who caused a lot of the problems.

If I can help you get started on the road to owning a home, call me on my cell 240-7130 and tell me you read my Blog.