I have written several times in this blog about the current market. People seem to think we are in a recession or homes are just not selling. That is not the case. Do you want to know what the real estate market is doing? The term that seems to fit best is a "correction" and even this correction is not taking place on a nationwide basis. Some parts of the country are up 8-10% in prices and sales for 2007.
Real estate is like politics, it is always local. In the Chattanooga, TN. market, it really does not matter what is taking place in the New York, Florida or California markets. Those markets were inflated as everyone already knows. In those markets, there had to come a slow down at some point. Now is that time. However, most of the Southeast United States (excluding parts of Florida) has never been overinflated. The prices in most of the Southeast are still below national averages. The Chattanooga area is one of the most affordable places to live in America.
The National Association of Realtors® (NAR) tells us that the final sales figures for 2007 should show sales of about 5.9 million existing homes. This is not a record, but is at the level recorded for 2002, the second year of our most recent housing boom. That means we are really still buying and selling at boom market levels. The figures for next year are predicted to be in the 6.2 million for number of existing home sales in America.
Currently, prices in the Chattanooga area are fairly stable. Sellers still want to sell their homes, so they can move up or down while the market is adjusting. That means buyers can take advantage of this "buyer's market" and maybe get the lowest prices they will ever see. Everyone (yes, even you) fully expects prices to again rise and probably very shortly as 2008 begins the thaw.
Realtors® are still bullish on our market, we work in the housing market everyday and we see the American Dream still being pursued and attained. Those who are buying now are stopping the rent cycle and beginning the homeownership/equity building phase of life. Those who buy now will be a step ahead of you, if your plan is to "wait this out."
Most folks will continue to pay housing costs in some form, either as rent or they will realize the American Dream. You know the economy goes through cycles and you know this current housing cycle will end. Are you going to act now and take advantage of a buyer's market or will you react later when everyone else is buying and it is again a seller's market?
In Chattanooga, TN. there is a great team of Realtors® ready to work with you to help you realize your dreams of the "white picket fence" (even if your version is quite different.) Dreams don't just go away! My team at UpwardRealty.com can and will help you realize your American Dreams.
Call us anytime at (423) 847-8001 or check out our company website at http://www.upwardrealty.com/ .
Our goal is to give you such good service, you will become our "client for life."
Copyright 2007
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