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1. Fewer 'for sale' signs
2. Job growth
3. Increased affordability
4. End of price reductions, concessions
5. More new construction
6. Positive changes in your neighborhood
U.S. housing market trends
Hot
Cold, but warming Still in the deep freeze
Austin, Texas Atlanta Cleveland
Beaumont Boston Detroit
Farmington, N.M. Denver Las Vegas
Raleigh, N.C. El Paso, Texas Miami
Salem, Ore. Tulsa, Okla. Minneapolis
Salt Lake City Phoenix
Spokane, Wash. San Diego
Tampa, Fla.
Last edited by VickiR; 12-22-2007 at 08:08 PM..
Reason: Can't get my columns right! Sorry!
Our steady appreciation is usually 6% per year. I don't think we've had 10 to 20% EVER. I'd consider that a bubble. We don't want a bubble because bubbles must burst. That is why we aren't having problems in this area. We have steady growth, more jobs coming into the area and we are still growing. That is what makes Raleigh "hot". Alot of people do not understand the housing market. Hopefully, this will help you understand. Vicki
New England (Boston area in particular) did have 10%+ appreciation per year. I can't say the bubble has *burst* but houses around here are just sitting and when they do sell, we're talking $100K off list price at times.
I think I understand the numbers reasonably well. Inventory is up 25%+ over last year, and sales are down double-digit percentages as well. I don't know if I buy that these stats make the area "hot". At best I'd agree to "in less trouble than some areas". If the area is hot, ask yourself why there needed to be price concessions and reductions in new construction to begin with.
The problem with new construction in Wake County and Johnston County has been that most of our buyers prefer new over exsisting. That is, until lately. I've had an unusual number of buyers that prefer exsisting so they can get a bit larger lot and more house.
Since new construction oversold exsisting, builders could raise their prices after each 5 houses were sold. However, that HAS slowed down, which I think in good. Builders were overpricing a bit and now are having to correct. Thats great for my buyers that want new construction.
Since builders overbuilt for many reasons, including the promise of 5,000 Fidelity buyers, they have much more inventory than usual, even for this time of year, so they are offering great incentives. Works for me! My buyers love it!
So, say what you want...the market is hot or the market is not. I'll continue finding great homes for my buyers, both relocating and those moving up in size or moving down in size.
Some neighborhoods are hotter than others. Some neighborhoods have slowed. The important part is that I can guide my buyers and those that aren't ready to buy...sit back and wait. Its a free country...right?!!
My only issue is that those of you that talk about our real estate market are not involved in it every day, as I am. You speak based on what you read. I speak about what I see and what I know.
I think I understand the numbers reasonably well. Inventory is up 25%+ over last year, and sales are down double-digit percentages as well. I don't know if I buy that these stats make the area "hot". At best I'd agree to "in less trouble than some areas". If the area is hot, ask yourself why there needed to be price concessions and reductions in new construction to begin with.
Well, they are just a bunch of numbers!
And numbers never make sense! (sic) I always thought 2 and 2 made 22 not 4. It just doesn't add up!
And 25% increase in inventory means people can now buy more houses as 25% more homes are available. sic
With builders reducing prices, anybody not buying during the X-mas season is a scrooge and is being unpatriotic. They alone would be responsible for if the country sinks into a recession!
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