My New Blog

Yes, finally there is "good news!"  After dropping for over three years, home prices appear to be stabilizing.  It's safe to say we've reached the point where prices are justified by the fundamentals of the economy and in some cases are even undervalued.  But the phones are ringing again . . . . sellers are listing, buyers are buying and even more foreign buyers are investing again.

It will be some time before sellers once again see much of a profit or gain from their property, depending on how long they have been homeowners.  But the encouraging news is that the drastic losses we have seen in the past few years are about over. 

The First-Time Home Buyer Tax Credit seems to be working as young families take advantage of extremely affordable prices and low interest rates.  Foreign investors have been shopping for great bargains in second or rental homes and there is a large inventory of such homes to choose from.  Slowly, but surely, the short sales and foreclosures are being reduced in the area, giving regular sellers more of a chance to secure a buyer at a decent price.

It will still take some time, but hopefully within the next year or so, we will see a much improved market, moving at a much more normal pace than the craziness of 2006.  In the meantime, for those who have been "sitting on the fence" it is now time to find that perfect home, as the opportunity has never been better.