Sunday, December 23, 2007
There is an interesting article in the business section in today's Morning Call in regards to the best and worst of 2007.
The number one story is about the softening housing market. It is written by Jeanne Bonner who has followed the market through the past few years and has done a favorable and objective job in doing it.
It states that in addition to the large inventory of houses for sale, it also gives the present buyers more choice and the ability to negotiate price and terms considerably better than last year at this time.
What concerns me is that there are still stories out there talking of prices still going up in the Lehigh Vaalley area. As she states, that through the end of November, home sales were down 17% in the valley from the year before where sales fell for the first time in at least ten years!
When I talk to other salespeople and brokers alike (and I will state I am also a Realtor), they all have told me that prices are down and the market is slow, and hurting. Yet the National Association of Realtors mentioned that the Lehigh Valley area STILL has an upswing in the market. I personally am confused with these statements. This has also been published in various publications in the area, and it just misleads people into thinking that the area is immune to any negativity in the market. Nothing could be further from the truth.
I am not so sure about any widespread drops in values, but when was the last time you saw an appraisal with a "time adjustment"? Right now and for the immediate future, there probably will not be any. I will elaborate on time adjustments in a few days.
Hoping everyone has a great holiday season, and yes, I am working this week. Only taking Tuesday off.
I am interested in anyone's comments or opinions. That is the great thing about these blogs.
Sincerely,
Jim