Market Update - January 2009

The press is painting a picture of the real estate market that is less than rosy.  Other parts of the nation are feeling things much more severely that we are, and for that, we are thankful.  I don’t have to tell you what CNN is saying, you already know.  What I can tell you is that we are not seeing the drastic markets that we hear about.  A Florida resident said he has been purchasing ‘short sale’ properties at 40% of the 2006 assessments.  A Connecticut broker said he is listing many short sale properties every week.

The good news is….that is not the norm here!  Yes, our numbers are down, but we are not seeing the distress and the short sales that are in massive quantities seen elsewhere.  I think there are two factors for this.  1) In this area, buyers are typically putting 20% down on a property, and 2) we did not see property owners refinance over and over, tapping into their equity to fund other purchases.

The inventory in Windsor County is still up.  As of December 31, 2008, there were 459 houses available for purchase as compared to 251 houses on December 31, 2005.  Single family sales are down 20% in the last year, to 211 sales.  What does this translate to?  More sellers are competing for fewer buyers.

This creates OPPORTUNITY!  We are ready to show you why this may be the perfect time to buy.  Drop us an email or give us a call, and we will help you get started.

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