We're Flat, But Not Sinking. Is this all there is or are we just behind the curve?
Our peak number of closed sales occurred in 2006, like a lot of other places. Now we're down in total number of single family home sales by about 20% but our absorbtion rate is still under 6 months. I could of taken this right out of our latest issue of Realtor Magazine our number are so close.
Our lenders are finally smiling, they have about 10 to 1 refi folders they're juggling compared to home sales. I'm not sure what this means except that more people are staying put and getting a better deal than they had before.
Oh, and those HELOC's that had a floating interest rate! They're getting rolled right into the first mortgage refi.
I have a few buyers who are "on the fence", they want to buy but just aren't sure that they can get the best deal yet. I don't know what to tell them since our price still hasn't gone down, in fact, it's up a little.
So I wonder? Are we insulated or is this all there is?
Happy New Year
The Quilting Realtor
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YOu are not alone. We were behind the curve in my opinion in Atlanta when our market turned in June of 2007. Prices held and sales have kept falling since, and now pricing is following.
I would guess you're in a more stable market without the exciting ups and not-so-exciting downs.
Jim, you are probably right, decrease in "buyer demand" will likely mean lower prices. As mentioned by Richard, maybe not so bad since we didn't see the huge increase in prices, maybe we won't see the huge decrease. I'll keep my fingers crossed.
2009 will be a good year. The rates are low and buyers will take avantage of the Tax credit.
That's a good question, hopefully this year will be better.