I think we hit bottom in February and things are turning around--finally. Are you in a position to buy a home in 2009? My guess is that 2009 will go down in history as one of the best years of all-time to buy a home. I did. Will you?
Thursday, March 26, 2009
Recovery in Sight?
Is a housing recovery in sight? No one has a crystal ball, but there are some very strong signs pointing in that direction. Such as: 1) Home sales were up 5.1% in February, which is the largest single month increase on record, 2) Housing inventory is going down and is below 6 months of inventory in many areas of Indy, 3) Many homes are receiving multiple offers, 4) Many homes are selling in under 30-days, especially in Carmel, IN, 5) Buyer activity is WAY up for most real estate agents, 6) Showings for listings are increasing significantly, 7) Many buyers are asking about the $8,000 first-time homebuyer tax credit and the record low interest rates.
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As you look around the country, all the areas that have dropped heavily in price have pick up in volume the past few months. Areas such as Florida, Arizona, Southern California and Nevada, are the areas that didn't go up as much and have not come down as much are not seeing the same higher volume. The combination of price, interest rates and now mortgage availability seem to be making the difference.
In many parts of the country the market volume has picked up. In Florida which is one of the hardest hit, volume is now up for 5 months in some areas. The same goes for Southern California, Nevada and many other areas. Bergen County has not been hit as hard as these areas and did not go up as much as they did. Bergen was lucky not to be that speculative of an area. The bottom has been forming in my opinion, although it is taking time, there is a lot of money coming back into the market from the federal government in many forms. It will really start to be felt in the next month or so.
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