Out On a Limb

By
Real Estate Broker/Owner with Spencer Marker & Co. - Long & Foster

Our inventory for the most part has remained consistent for the last 3 months and unless the banks dump a huge batch on us we should see it shrink further in the next couple of months. As is typical in this time frame the folks that only "want to sell" but do not "need or have to sell" are dropping out of the market. Most will come back on the market in the Spring when there is a little more optimism in the market. Those that "have to sell" always dominate the market in this time frame as they do what it takes to get their home sold and that means dropping their price. This forces out the "want to sells" as they just can't or won't compete. The "need to sells" hang tough but typically can't compete unless they have some exceptional feature. That being said, inventory is dropping and consumer confidence is building. There is some urgency being created by the uncertainty of the extension of the first time buyers tax credit and by the fact that some of the higher loan limits are disappearing in the neat future. Good properties that are selling especially in the lower price ranges although I do look for that to slow somewhat between now and the beginning of the year. For buyers, your choices are getting slimmer and on those good properties or good values there is competition. This is the time though to get a good value especially in the higher ranges as those that are on the market are typically motivated to get their home sold, not in every case but in many of the cases. I look for values to remain steady for the balance of the year. in 2010 I look to see a stronger market that continues to improve. It will be a good market and if we can avoid the foreclosure influx it has the potential to be great. Not a 2003, but an improvement for sure

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Rainer
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