It is an interesting time in the market right now. For the first time in a long time, there are not a lot of changes in our market to report – it is the same ole story – which is kind of nice. Over the last several weeks, we have reported shifts which were affecting our industry and we were on top of for our clients and agents alike. Last month we talked about short sales, foreclosures and those trials and tribulations. Right now everything is flat in terms of news. The inventory levels are down, buyers are still out looking for homes, the hot price ranges remain hot and we are ready to help!
What makes me wonder is, is now the calm before the storm? As we’ve been speaking about over the last several weeks, many questions have been raised that we cannot answer – yet. Many of our questions include the short sale process, inventory levels, release of foreclosures by banks, and other concerns over distressed properties still have not been answered. Additionally, we have impending issues we are dealing with such as the first times tax buyer credit coming to an end on November 30, …will that be extended with all of the billions of dollars being spent by the government? When will interest rates rise…is looming on our horizon – how soon will that happen? Foreclosures are slowing being released…will they be released all at once and will that have an impact on our values? How much can the government spend to buy mortgage backed securities against the Federal Reserve’s advice and how will this impact us going forward. There are a lot of questions that need to be answered and only time will tell what the outcome will be for the housing market. So, for now, there is nothing turbulent to write or speak about today. All’s well that ends well I guess will be the theme of this month’s update. Mortgage rates are great, buyers are buying, houses are selling, and we are still working to make it all happen for our clients. Let’s hope we get more of the same going forward!