It may still be winter out there but "Spring is in the air" as far as Real Estate is concerned. Since 2005 prices in our market area have dropped a good 35% from their overall highs. If you looked at a graph it would have been easy to see why: Personal Incomes had held steady, whereas Home Prices had been skyrocketing. It was only a matter of time before an adjustment would take place.
This is the year we are finally seeing a turnaround. Our office is busy. We are booking 12 to 15 showings per day on our listings. For the first time in a long time, we don't have enough inventory to sell. We need more well priced listings. That brings me to the matter of price. Even though buyers are more confident buying now, they are still reticent to put down money on a property that does not offer value. So, pricing remains as crucial as ever.
This morning I heard a news report about how the automotive industry is seeing growth due to the bounce back of the real estate industry. Interesting. It turns out that when real estate does well, builders buy more trucks because they are starting to build again. We all gain.
So, yes, things are looking better than ever.