John Bendall Owner of Re/Max Classic Group offers a Market Update

Summer is almost over; it is time to put on the push to reach your goals. If you have reached your goals, then its time to set another to reach by the end of the year.

Market update: With all the bad press about the market it seems our own market is doing much better than the rest of the country. Our company numbers are MUCH better than most, I am proud of you guys…

Nationally: Single family re sale inventory rose to a 9.2 month supply in July. Given that it is considered a “buyers market” when inventory rises above 6 month supply, I would say the buyers really have an advantage.

Previous examples of inventory:
2004- 4.3 months
2005- 4.5 months
2006- 6.5 months

The good news:
1. Existing homes sales were only off 2.9% (volume of sales) in our region from last July. But actually rose 1% in volume from June.
2. The median sales price actually rose 5.9% compared with July of 2006.

NAR economist Lawrence Yun said in a statement that “mortgage liquidity issues of the past 2 months” have slowed sales. Some potential buyers are simply waiting for the mortgage market to stabilize.

My personal guess is that the Fed will lower the rate on the 18th of September sparking a good 3rd quarter of sales. (we have already seen the rates come down slightly)

Let your buyers know that it is a GREAT time to buy:

1. Lower rates than last year.
2. Lower prices than last year.
3. Great inventory to choose from.

If a buyer is waiting for the bottom of the market, by the time they realize we are at the bottom it will be to late, the market will already be on the upswing.

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