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Credit market squeeze |
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a. Market trend has not changed one way or the other from credit squeeze. We browsed several sites around the country that has recent sales numbers including http://www.rereport.com/ccc/?and MLS based sales, observed the recent sales has not changed drastically due to the credit squeeze
b. We observed there are 3 patterns - first, markets declining for the last 6 months, second, markets showing a flat market and third, markets showing a slow yet steady incline in the price. The sales numbers during last week and half did not show any deviation for the above 3 patterns. We could also noted that the overall confidence level of buying or selling has not changed - it has remained the same. c. We spoke with some of the local mortgage brokers and we heard 'Oh my god' type message however, when asked, have you seen any reduction in title registration the answer is 'not sure'.
d. Is there a mindset of FUD (fear, uncertainty and doubt)? We spoke with people who have gone through the ups and downs of the market including that of 1987. We heard a strong confidence this time around. Some of the notable quotes we heard are "Even if the gas prices is about $3.00 and people have not slowed down spending, I think market is resilient", "This is serious problem for financial services but it is not as bad as 1987, back then the market declined across", "Media is over reacting". e. When was the last time this country has realized recession is coming? Maybe soon after 911 incident. This country is now fairly stable and resilient of issues. Have you seen a stock crash like in 1987? Are you seeing people driving about 50mph on the highways to conserve gas? Are you seeing malls and movie theatres thinly populated over the weekend? Are you seeing your neighbors panic and ready to sell their homes? Are you seeing real-estate brokers tapping your door and encouraging you to ‘Sell now’? Are you observing your county reporting higher expenses and circulating news that they may want to increase county tax? Based on these, we believe the credit market squeeze is not directly affecting your home sales. Remember, this blog is applicable for Small home buyers (maybe $200k to $400k range). There are other factors playing at the mid-level home?and large home buying/selling. Stay tuned!
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Blog URL:: http://www.likepoint.com/blogs/realestatefutureBlog Category: Lively Libarary
