The media yesterday had stories about housing sales in the past month being up. This is true, but read on. The sales they are referring to once again were bank owned properties. We continue to see sales when properties have below market pricing on them. I am carrying listings ,and I know my sellers get confused when they hear stories such as this with sales up Their house is not selling and they want to know why. The reason is that their house is not in foreclosure and not down and dirty in pricing. I drive neighborhoods and see for sale signs go down and sellers stay put. They are doing so because they do not need to sell and refuse to drop the price to the point where the market will bear it. Sellers must remember that we make our money when we buy and not when we sell. If you take a hit when you sell in this market you will make it up when you go onto buy. If you don't purchase another property, then it is a killer. Interest rates are at a market low, prices are down, and there is lots of inventory. We should see a rush at houses. There has been a fear instilled in us that has us frozen like the lakes in our countryside. People should realize that if we all bought a house we would have this economy growing in no time. You buy a house, you buy paint, appliances, bushes for the yard, drapes, have a plumber out, put a loan officer to work, buy insurance, and the list goes on. There are answers to our problems we just don't like to try them to take the cure.
Comments