Wow, what a year we have had. It really has been a roller coaster ride for real estate. We began the year with a very slow sellers market. Prices were dropping and homes just sitting on the market and buyers were getting amazing home buys. By the time June came around we saw multiple offers and all cash began to be the norm in some of our markets. We also saw interest rates drop to a 50 year low down in the low 4% range. By November we saw inventory of homes available for sale drop below average, an increase in the number of sales and more motivated and happy sellers. Bank owned properties in the high end market began to appear and short sales began to actually close and with quicker turn around times than we had seen in the previous two years. By the end of December we saw rates begin to slowly climb in order to keep inflation in check and the market becoming a more stable environment.
The good news is that we have all found a way to survive this ride and we should see a payoff of this emotional trek we have been on in 2010. Happy New Year’s and hope 2010 will be one filled with peace and prosperity!
If you would like more specific information please feel free to email or call me and I will be more than happy to provide that to you.