Good Riddance 2008!
The market’s have really seized up in the last 60 days, as everyone is gripped with uncertainty and angst. So much so, there’s not much to write. Some deals are closing, they tend to be of lower price points, that’s dragging on the values of the next bracket of prices up ($350 and up to about $500 are experiencing some downward pressure due to low Buyer traffic.) Buyers continue to be offended that they can’t “steal” a property, Sellers, by and large, can hold on to their prices (see “underwater Lock Down”) and slowly, inventory is starting to scratch the bottom.
So….It’s a bit of a stalemate. If it weren’t for the amazing interest rates, we’ll we’d be in a right fine mess.
So here’s to 2009. Remember that comment about making sure your credit score was solid? Remember the comments about the weird underwriting standards?
2009 has that and so, so much more in store. It’s going to be a challenging year, but the doomsday scenario is totally oversold, so I expect some firming up after while, perhaps June, with the usual caveats.
The Buyers keep coming, and there’s a full raft of them around these days…..the trick is getting them off the sidelines…….If 4.8% won’t do it, well, I’m afraid nothing will.
Maybe the warm weather will help. I’ll still be here, so don’t forget about us!
Happy New Year!