The PD interviewed a few brokers and presented reports issued by our multiple listing service (NORMLS). The reports cover the fact that home sellers are still experiencing declines in the prices they are getting for their homes (and as I say when I do my reports for you, NORMLS covers counties like Geauga, Cuyahoga, Medina and Lake). You can read the PD blog post by Michelle Jarboe here.
My Company president, Hoby Hanna, said he felt sale prices will stay low for another year and I agree with him….I think the comments from one of the other brokers about prices improving later on this year are optimistic, and of course no one knows for sure. However the number of foreclosures is not leveling off or declining so the number of homes on the market is high in many neighborhoods. That means two things: it will take almost two years to get rid of the inventory already listed and foreclosure listings will keep sale prices low.
I already did February reports and you can review the post here. Sold listings were up 13.8% in February compared to a month earlier. I caution you that stats are really better in showing sold and listing trends when they cover more time, say three months. We are getting to the end of March so I should be able to do a three month study in a week.
I’ve been busy since January but it’s also true that I am busier now than I was at the beginning of the year. This is normal, at least for me. January through May is typically my busiest time. That trend at least seems to be continuing.
Here is the link to the PD article from last week that followed a few buyers, talked to some sellers and discussed trends in various communities regarding home sales.
I’m starting to hate the phrase ‘it’s a good time to buy.’ The truth is, if you want a home and have the money to buy it it’s a good time to buy. If you want a home but know in your heart you have some soul searching and financial clean up to take care of first, that’s good too. Give me a call and I can direct you to our financial counseling department. They will partner along with you to help you get into a better financial situation and clean up credit issues, etc. The only up side I see to what has happened over the past two years is the focus on financial responsibility instead of just the American dream of owning a home. Peace Out – 3C
0 responses so far ↓
1 Elaine Reese // Mar 26, 2008 at 10:23 pm
I’m (we?) are doing much better down here, too. Once we got over the awful weather, we’ve really picked up. Buyers seem to be coming out of the woodwork. I suspect there’s quite a bit of pent up demand.
The local media is painting a truer picture as well. Maybe the press release our Board put out worked. I’m getting more showings on my listings than I’ve had for a LONG time!
Maybe you’ll see the same results up there as your weather warms as well. Hope so.
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