Does this Real Estate market make me look fat?
February 19th, 2008 categories: Home Buyers, Prescott Real Estate Trends, Real Estate News
Working in this Real Estate market can make you feel uncomfortable. Like jeans that are too tight, you cannot wait to take them off!
The Real Estate market is in the news a lot these days… Pick up the newspaper, turn on the TV, talk to your neighbor, sadly it’s all pretty negative. There’s no dening it, things are tough out there. I watched a story on the news yesterday about a Real Estate office in Georgia that has converted into a florist, because the phone stopped ringing and houses stopped selling.. I know many Realtors that now work at Home Depot or Lowe’s because there’s simply not enough Real Estate clients to go around..
Many of the people commenting on the state of Real Estate don’t know much about Buyers or Sellers, or what it’s like working in Real Estate;
Here are some observations on the Prescott Real Estate Market….
Homes are selling. Not a lot, but some. What is causing most homes to sell in this market is the price. People are looking for deals. Homes priced at market value may end up sitting in the market for quite a while, simply because there are so many of them. Homes that are selling in under 100 days are usually priced slightly below market value, offering more and costing less than their competition.
Vacant Land. Ouch. About 10 vacant lots are selling in Prescott per month. When there is an abundance of residential properties on the market, vacant land takes a back seat. Right now, the cost of building far exceeds the cost of purchasing re-sale. There are new homes on the market listed at $140.00 to $150.00 per square foot, including the land. The cost of new construction is approxmiately $200.00 +, not including the land. If you are in the market for vacant land, we’ve got some great deals.
Interest Rates are low. They are approacing the 2005 levels again putting more money in buyers pockets. Hopefully buyers will realize that the bottom of the market is now. Anytime this year is a great time to buy a house.
