Things continue to be busy in our local market. I had an hour long open house this weekend and 6 groups came through. Many first time buyers are looking to take advantage of the tax break recently offered to them from the federal government. And many others are looking to take advantage of low interest rates. We are not seeing a large number of repossessions that many areas of the country are seeing, so we are not seeing prices drop or desperation either. Things could change in a moments notice in this economy, but for now I am glad we were not involved in the rapid rise of prices that much of the nation was 2 and 3 years ago. We seem to be in a better place than they are now.
Some ranges are experiencing a longer marketing time than they were a year ago. This is due to mortgage qualification tightening back to what it was 10 years ago making the pool of buyers a bit smaller in that $60,000-$90,000 range. This doesn't mean things are not selling at all in this range, it just means they are only selling to qualified buyers.
Monday, March 2, 2009
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