When do you think the market will pick up?

Published 08 November 06 07:05 PM
Our thoughts is that we still have a few more months of very slow activity. We are getting into Thanksgiving, Christmas, Hanukak, etc. and not too many people wants to be looking for a house at this time of the year. There is also a lot of inventory in the market and some people is still thinking that the pricing will go to continue going down, that the interest rates are a little too high; and, therefore, they are still waiting... but, we think that the interest rates are great, we are still very low (5th best year out of the last 30), the inventory has estabilized (we have about the same number of homes in the market than a year ago - it's not increasing), and after the end of the year, we think we'll start seeing some changes... It may still take 6-9 months to continue lowering the curent inventory, the interest rates should be kept at still similar numbers than today, so once we start seeing that inventory going down, things will start getting better... What do you think? do you see it like that? sooner than that? later than that?

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# JR said on January 17, 2007 1:57 PM:

As discussed on The 85 & Sunny Real Estate Show we believe that the market is bouncing along the bottom right now and will pick up after the middle of the year. Of course, a lot depends on what happens with interest rates. Interest rates effect everyone, but less so the first time home buyer and more so the move-up / move-down buyer. Rates right now are around 6.25% for 30 yr fixed, that is a GREAT rate.  We expect the Federal Reserve will keep interest rates steady through March...then we will have to see :)

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