Believe it or Not - Houses Are Selling
December 3, 2008
If you read my Monday post concerning the ratios of pending sales to active listings, you saw that sales activity has increased as the year progressed. From ratios in single digit numbers to ratios in double digit numbers. Prospective home buyers have recognized that home prices are more affordable than they have been in the past four years. Add to the lower prices, the financing rates hovering around 6% for a thirty year fixed rate mortgage and the availability of government backed FHA and VA financing, buyers who were previously shut out of the real estate market place are making decisions to purchase a home.
A recent article in the Wall Street Journal cited a poll of 1000 homeowners, sponsored by real-estate-services firm Realogy Corporation, found that 91% thought that owning a home was the best long-term investment they could make. And on-line survey of 5000 people commissioned by Citigroup found that just 32% believed that it was a good time to invest in stocks - but 51% said it was a good time to buy a home. It seems like those 51% are out putting their money where their beliefs point.
While November and December are generally the months that real estate agents take advantage of slower activity and plan their vacations for this holiday period, this year the activity has increased over the earlier months of 2008. All professional real estate agents know that you work whenever there is opportunity, so they will be working this holiday season.
No matter whether a real estate market is in a boom or bust mode, the bottom line is still the desire to own a piece of the planet to call your own.
If you read my Monday post concerning the ratios of pending sales to active listings, you saw that sales activity has increased as the year progressed. From ratios in single digit numbers to ratios in double digit numbers. Prospective home buyers have recognized that home prices are more affordable than they have been in the past four years. Add to the lower prices, the financing rates hovering around 6% for a thirty year fixed rate mortgage and the availability of government backed FHA and VA financing, buyers who were previously shut out of the real estate market place are making decisions to purchase a home.
A recent article in the Wall Street Journal cited a poll of 1000 homeowners, sponsored by real-estate-services firm Realogy Corporation, found that 91% thought that owning a home was the best long-term investment they could make. And on-line survey of 5000 people commissioned by Citigroup found that just 32% believed that it was a good time to invest in stocks - but 51% said it was a good time to buy a home. It seems like those 51% are out putting their money where their beliefs point.
While November and December are generally the months that real estate agents take advantage of slower activity and plan their vacations for this holiday period, this year the activity has increased over the earlier months of 2008. All professional real estate agents know that you work whenever there is opportunity, so they will be working this holiday season.
No matter whether a real estate market is in a boom or bust mode, the bottom line is still the desire to own a piece of the planet to call your own.
posted by shirley harry at 4:38 PM
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