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!
Lindsey Gillick Wallach