Sunday, February 08, 2009
This week in real estate there has been a noticeable change in the real estate market locally. What does that mean? It may signal the beginning of the end of our recent housing slump, hopefully job losses will stop surging soon and we can begin to readjust to what may be a new way we look at our financial health.
The pending status of listed homes has increased by roughly 10% over the past few days and as long as interest rates are good we may be able to sustain some type of a market and begin to use up existing inventories and start to see home prices stabilize.
Any government stimulus in housing should be good for business as well. If there is legislation passed for a refundable tax credit (up to $15,000) as well as government mandated 4% interest rates for primary residences that could be a huge incentive for buyers sitting on the fence. Stay tuned for more info on that as we haven’t seen the final legislation yet.
Some markets of interest locally:
Best value markets: (Housing priced 10-40% under market avgs.)
Denfeld/Spirit Valley
Fndlc/Gary/NDUL
Downtown
Lincoln Park
East End (6th Ave. -15th Ave E
Observation Hill
Chester Park
Riverside/Smithville/Norton Park
Most units sold (1-1-09/2-8-09
Kenwood
Lakeside/Lester
Piedmont
Lincoln Park
Denfeld/Spirit valley