Real Estate Today

Buyers beware……is the end in sight for the real estate market?

by Karen Roach
May 1st, 2009

The existing sales numbers are improving by and large. New home sales are still not great, but that is from the massively excessive speculative construction builders engaged in until 2005. Realtors from all parts of the country are back in the game. That means realtors are seeing multiple sales and more offers on their listings.

Most of the real estate business is coming in the lower price homes. They might be distressed property or from first time home buyers. Of course first time home buyers are entering the market with low interest rates, attractive prices and the $8,000 tax credit from the stimulus package. Forecast in the real estate market is for prices to continue to lag. The real estate market should be on the upswing before the economy full recovers, but as forecast the prices might not rebound this year. Therefore, potential buyers need to be aware that the window is closing and when sales begin to rise, so will the prices of homes.

Most professional in the real estate business believe that the price issue will linger on. One reason for this is because some buyers are not yet convinced that the bottom is here. But buyers beware……the dynamics of the real estate market can quickly turn. So don’t be a buyer who is in danger of watching the train leave the station.

If you have any questions or need information on buying or selling a home in this market or would like to know what your home is worth, please contact me at 615.495.9934 or via email at Karen@AvenueRealEstate.com.