Lorie’s Market Update!
I asked Lorie to give me a quick recap on what she noticed going on in the market right now.
(For those who are reading this and don’t know who me or Lorie are CLICK HERE )
Well I’m no expert on really what is going on, I just know that property is still moving at a decent pace. I have clients call me and ask if a home they saw last year was still available? For the most part, the property sold but some just took them off the market. Its funny, when a home has some unique features such as a huge city view or ocean view, a west facing yard with the perfect access from a family room or a great floor plan. All of these type features are not always easy to find. So if its what you’re looking for why not buy it?
Their not a dime a dozen around here in the beach area.
Another thing that blows my mind are the people who spend anywhere from $3800 to $5500 per month or more for rent. Lets see, lets take the $3800 per month figure times 12 and that’s $45600 a year in rent, money down the drain, no interest write off. If you bought a house and it dropped $45,000 dollars while you are living there, at least you have the write off, a home to call your own and the opportunity that when the market turns around (AND IT WILL) you will reap the benefits rather than starting to look at homes that are rising instead of falling. Falling real estate prices are an opportunity for any buyer.
Of course let me say that here in the beach cities, we are not suffering like some of the other market areas. Those areas were saturated with tract homes and zero down buyers. We don’t have that over saturation here nor did most of the buyers jump into the market here with zero down. Look around you won’t find a lot of foreclosures here. If a seller doesn’t get a price that will make them somewhat happy, they will take it off the market or at a minimum, rent it.
I had an open house last weekend and 20 sets of “real” buyers” came through. It is totally a sign of buyers recognizing that now is a very good time to buy!
