Is The Real Estate Market Showing Signs Of LIfe?
March 14th, 2008 categories: Home Buyers, Home Sellers
The Real Estate slide may be slowing down. Although the news media bombards us with negative numbers every time we turn around, there are some positive signs out there.
As of today, March 13th, new mortgage applications nationwide jumped last week for the first time in more than a month. This is a very important indicator of home buying in upcoming months.
Pending home sales nationally did not decline last month as expected, they were “flat”. We’ll take flat! This is a good sign that after two years of negative numbers, maybe we’re beginning to bottom out.
I feel confident that the Federal Reserve will continue to lower short term interest rates giving our economy a much needed kick in the pants. The cost of money is a very important part of home buying and I know that these aggressive steps will pay off in the long run.
These may be small glimmers of hope, but they are positive signs. Everyday we are a little closer to the Real Estate market turning itself around. Although our sales statistics in Prescott are still in negative territory, home are selling. As interest rates continue to go down, consumers will realize that there are some great deals out there!
