Current Market Update!
Hello again,
I am asked almost daily what is the status of the Market. Do we listen to the big media outlets? Do we listen to the naysayers? Do we listen to the eternal optimists? We listen to ALL of them, but we make our decisions based on our own goals, situation and needs.
The real estate market is always changing, just like the wind. When the wind is blowing hard, it presents challenges to one man say a farmer, painter, roofer,etc., and opportunity to another like a windsurfer, sailer, etc. It depends on the goal of the individual.
The important part is to stay objective and clear on YOUR desired outcome. This will lead to many solutions that would otherwise be hidden.
Current sales numbers show that the Median price of a home in San Diego last month was $612,370. This is down from $622,380 from May 2006. Not quite the "Bubble" has completely burst nonsense that the mass media wants to use to sell viewership.
A couple of factors to consider:
1. The subprime market collapse and restructuring is huge! This accounts for 12-24% of various markets. Banks make money when they lend. They will find a way to lend to this market.
2. We are 2.5 years away from the Peak of the market (9/04). If we look at history with 7-10 year cycles, we are beginning to show signs of a turnaround. Overall in the state, the average median Price went UP 4.8%! The number of sales went down 25% as would be expected with the increasing prices and tighter restrictions for lending.
Bottom line: This isn't the Buy it today, sell it tomorrow for $100k more scenario like before. Today's market is still healthy, but requires a significant amount of work, planning and implementation to prosper. This is a great buyers market, and one that people will wish they participated in down the road.
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For everything you need to take advantage of the current real estate market go to:
http://www.MarcvonMusser.com
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