Rainers, I have incredible news for everyone!! How many times have we talked about and tried to combat the continuous negative press about most real estate markets? Imagine my surprise when I ran into the following article just printed on CNN/Money:
http://money.cnn.com/2008/03/04/real_estate/markets_less_overvalued/index.htm?postversion=2008030412
Les Christie's article states that this is the best time to buy in 4 years. And the horn-blower isn't NAR but National City and Global Insight. I mention this because the common critique of NAR is that they're inherently biased towards positive real estate news.
Obviously real estate is local so each market will be different. But I'm thrilled to read an article that doesn't continue to pound the industry.
Keith - I'm with you on that!
Bob - my specific area's not doing that well, but it's not horrible. A few miles down the road to downtown Miami there's still a bloodbath. Condos in some of the desirable areas aren't moving, even with significant price reductions. They're greatly impacted by foreclosures. I believe Detroit's near the top of the list for FCs. Hope some good news comes your way as well.
Tchaka,
This is indeed a rarity these days, but now that the door is open a crack, maybe more of these good news will be coming out. Mortgage rates are still nice and low, so it is a great time to buy a home, especially in markets where prices have dropped, like in Las Vegas.
I felt that way before I read this article. It is also the best time to sell if you are in the proper place. The real estate market has not suffered in all areas of the country. Values in areas such as Seattle, Portland, Charlotte and Jacksonville have actually apprecited. Some substantially. The focus has been so heavily placed on the areas that have seen drastic declines that we all fail to look at the positive ares. I think it is human nature. If you'd like to look at the reality of the situation, take a look at this article:
http://www.msnbc.msn.com/id/16929669/Tchaka,
I am not sure if I would agree with a statement that affordability in California improved. In San Mateo County, CA we have only a few cities were prices dramatically dropped in the last 12 months (20% and more). In a few cities - prices went up over 20% (yes!). In most - they have increased from a few to 10%. Additionally, as jumbo prices are still very high sand guidelines much more restrictive, I simply don't believe in the statement. Wea re waiting for conforming loans increased to $729,500 (up from $417,000). Hopefully it helps, assuming that the rates for new conforming loans will not go up.
John - let's hope this good news does become self-fulfilling!!
Sonya - you are correct and that's one of the things I love about my company, we all keep a positive attitude. When things go bad we brush them off quickly and don't allow anything to drag us down. Thanks for commenting.
Katrina - you should have seen my face when I came across that article! :-)
Hello Tchaka,
Good to make contact with you again. I hope things are well with you.
Good real estate news is very welcome, no matter the source! I would love to hear the major news medias start report good news. You can bet that will not happen until well after a recovery is under way.
Tchaka, this is really good news, msn money had a similar report about the top 291 metro markets (Lynchburg is 34). As Realtors, we have to be proactive and get the good news out to our local community.
P.S. Thanks for commenting on Kat's blogs; it's cool that you went to school just 'up the road'
It's finally good to hear the media tide turning, or at least 1 speck of good news.
It's a grat time to buy here in Ocala, we have the lowest median sales price out of any market in FL and it is a great community to live!
Debbie - Lynchburg is #34? Wow, I would have never guessed. I will look that report up and see what else I can gain from it.
Even though Kat went to Virginia Tech which is at the end of dirt roads and the average IQ there is around 4 (lol, she's going to kill me!), I was happy to comment. It was an important topic that has many arguments on either side. I hope no school ever experiences anything like what happened last year. I'm proud of her for caring enough to do something.