I know my last blog had to do with the same sort of topic, but I wanted to specifically touch on 2008 statistics. Now, if you listen to the news.....our market is in bad shape. However, I tend not to listen to reporters who are looking to put the fear of God in me! I look at facts. And if any of you out there, reading my blog, might be considering putting your house on the market in the near future, here are some important facts about the current Eureka Real Estate Situation:
1) February 2008 was the strongest February we have had in 3 years!
2) March is looking to be just as strong (it usually takes a few weeks for all sales to be reported on MARIS)!
3) There have been more sales between January - March 2008, than in the same period in 2006 and in 2007.
4) We currently have 447 current listings in Eureka, with 56 of them currently being under contract. Our Market is Strong!!!!
5) In 2006 and 2007, May and June were the months with the most recorded sales! If you are looking to sell this year, you should really consider getting on the market this month!!!
Next week, I will discuss the feared "low-ball" offer, and the best way to respond!
Lindsey Gillick Wallach
Broker-Officer, MBA
Let’s just get one thing straight: the media has been a bit "over-dramatic" about the current real estate market!
Clearly our market is not as strong as it was 3 or 4 years back, but if you compare the market to the market in the late 70s & early 80s our’s is not that terrible.
Presently, our problem is that we have to deal with many homes on the market, with a limited amount of buyers. But, in the 70s/80s they were dealing with 17%-18% interest rates. Buyers couldn’t afford the cost of borrowing money! Our interest rates today, are very attractive----in fact we are seeing 30-year fixed loans at 5.75% now----and a large supply of inventory which actually makes for an ideal buying environment for consumers.
But, thanks to the news media, it doesn’t matter if it is an ideal time to purchase a home----buyers watch the news and hear all the doom and gloom and are to afraid to start looking!
Eureka is no exception; our market in 2007 has outperformed 2006 in 6 out of 11 months:
Don’t let the media stop you from any real estate decisions! If you have questions, ask a professional!