Yesterday it was reported that US Home Sales rose 3.4% over comparable sales for the past year in October. This is seen by many as a sign that the worst of the housing slump may be over. Of course you still have the doomsayers predicting further sales and price declines but the numbers definitely bode well for a return to normalcy in 2007.
The end of 2006 is not going to be mourned by many (if any) in the real estate industry as it has been a year of tumultuous markets and constant decline. Moreover, because of the hangover from the boom of the last several years sellers have been unwilling to reduce their prices, creating a stalemate between buyers who want to get a good deal and sellers who want to get what they think their property is worth. This should change in 2007 as the glut of homes on the market forces sellers to reduce prices or get out of the market. All in all 2006 was painful, but sometimes that is what is necessary to get back on track...at least lets hope! Happy New Year!!!
The end of 2006 is not going to be mourned by many (if any) in the real estate industry as it has been a year of tumultuous markets and constant decline. Moreover, because of the hangover from the boom of the last several years sellers have been unwilling to reduce their prices, creating a stalemate between buyers who want to get a good deal and sellers who want to get what they think their property is worth. This should change in 2007 as the glut of homes on the market forces sellers to reduce prices or get out of the market. All in all 2006 was painful, but sometimes that is what is necessary to get back on track...at least lets hope! Happy New Year!!!
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