Real Estate Market Forecast

I don't have a crystal ball but I do have a gut. And my gut is getting a feeling. My gut feeling is that the market will not pick up for months. This article says it all- http://money.cnn.com/2007/07/18/real_estate/fanniemae_housing.reut/index.htm?postversion=2007071814

It mentions all my concerns.

Chris White

Huge price drop.

I received a call from a client today that asked me to lower her price $40,000. The home down the street from hers had just sold for the lower price and I had suggested to her that she will need to compete. That is how it is going right now. Prices are droping. Buyers are getting more for less.

Chris White

Prices continue to drop

I just ran the numbers. It looks like home owners are continuing to drop their prices to sell their homes. It reminds me of the title, "The Good, The Bad, and The Ugly" You see the market is just right for most of the buyers out their. They are purchasing homes for the price of what homes were selling for almost two years ago. That is the Good. The bad refers to all those home owners who are having to drop their price. The ugly is the rise in foreclosure we are seeing. Although there has not been a large increase in actual foreclosures we have seen a jump in the number of homes in default (the beginning of the foreclosure process)
On a positive note, the local economy is still thriving and it appears that once this price correction is over with our values will hold strong.
Now is a great time to buy in St. George.