It’s been helpful having some down time today, first because I was able to catch up on some web and blog reading. When I have down time (too little of it lately!) I like to reflect on where things are going and where I’m going. Five of my buyers have written accepted offers over the past three weeks. One other buyer’s home closed on Friday.
One thing has been very interesting, I have clients who wanted a home in Valley City. Not my normal stomping ground! At first we found a home (well, they did) but it had gas wells, active ones, on the property, and as a matter of fact about 100 feet from the home for sale. While ferreting out info on gas wells I found out that they should be no closer to dwellings than 300 feet (still doesn’t sound far enough away to me!). So we passed on that one and found another really pretty home with a creek and some hills behind it. It was very cool to explore a different kind of home purchase for a change of pace!
So while I am so very busy with clients, there are still articles and tv shows about the foreclosure issue and the state of the housing market. A reporter from Crain’s Cleveland even called me a few times; he’s doing a story about renting in NE Ohio (with an emphasis on Downtown Cleveland I think); haven’t seen it in print yet. Last night however, Sixty Minutes did a very good piece on foreclosures, with emphasis on Stockton California (apparently they are one of the hardest hit cities — even harder hit than our area). You can read about the piece on the CBS website, it’s called A House of Cards. In the past when Sixty Minutes has reported on real estate issues I have been less than pleased but this time, in my opinion, they were right on the money. Of course we have our own Bill Callahan who has had it right from the start.
Other news, this past few weeks mortgage rates have been dropping again, Nationally. You can read about it here in Realtor Magazine. The average rate was 5.98% this week. The National Association of Realtors keeps talking about whether or not we are in a recession or not. Bush says we aren’t….NAR overall says we are not (although it depends on what you read from them). I say we are. I’m not sure it matters if we put a tag on it. It is what it is. All I know is that I’m glad I had a day off today! Peace Out – 3C
3 responses so far ↓
1 Elaine Reese // May 26, 2008 at 9:42 pm
Glad to hear that you’re busy. Many are busy here as well. I was hoping for some time off this weekend but didn’t get it.
There’s no doubt that with rising gas and food prices, it’s going to put a dent in people’s budgets. Sellers have got the message and are more willing to price their home right. At the right price, buyers are willing to buy because the rates are good. I do think they’re watching location more carefully, to be closer to their jobs and stores.
Elaine Reese’s last blog post..A Holiday Weekend? Not for Realtors®!
2 Jay McGillicuddy // May 27, 2008 at 5:57 pm
I am glad you are busy too but according to the definition of a recession we have not yet reached it’s definition yet.
Two straight quarters of negative growth. But, I guess there are other factors that make it seem like we are in a recession.
I am not to happy about fuel prices at all. We sell in a bedroom community and I wonder how the fuel prices will affect our housing market.
Jay McGillicuddy’s last blog post..Sunday’s Chores around the House
3 Carole Cohen // May 29, 2008 at 10:34 pm
Elaine, I agree. And even in a city like Cleveland where people value their cars, more are taking public transportation. So you are correct, there is a new effort on the part of a larger percentage of buyers here to be close to this public transportation so they have that option.
Jay I guess you are right, I wonder if the second quarter will back up how I feel lol. Keep me posted on that effect on your bedroom community. And a beautiful community it is too.
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