Here is what I am seeing:
- February home resale figures jumped by 5.1%
- February new home sales also jumped 4.7%
- Interest rates are officially at historic lows
These are national reports and it is important to note that our regional market performs better. These reports may be early indicators that housing is beginning to move in a better directionOur area is not completely recession proof, but we have felt much less of an impact because of the economic strength of our region. Here is my experience locally:
- I noticed an increase in buying activity early December 2008 - primarily first-time buyers but some move-up buyers as well.
- January 2009 started strong and continues busy - mainly first-time buyers and some move-ups.
- Whenever a home comes on the market and is priced right, it will often produce multiple offers.
- I am noticing a return of confidence as buyers take advantage of low prices and historic low interest rates.
- As interest rates dip buyers move off the fence and when they do, they move decisively to purchase well-priced homes.
Have you come across any positive signals?
I have seen good signals. A new townhouse where I live was just fold for $330. The base value of the cheapest townhouse (with no add-ins) is $250. That brought a lot of hope to us.
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