Wednesday, April 7, 2010

April Musings

We finally have a sunny day on the island…one of the few in the last 30 days. March brought us the rains we usually expect in April; record rainfalls according to the weather reporters.

March also brought us a strong number of sales; 24 to be exact. This is a consistent number when looking at the sales in January and February of this year. The “mean” price for March was $655,000 with 5 of the 24 sales exceeding $2M. This “mean” price is up from $635,000 in February. I find this to be a strong indicator of a busy spring market.

There are many reports nationwide that say we are “set” to come out of this down market. I truly hope they are correct.

You can now visit us on facebook; please become a fan. Also, take a look at our Youtube channel as we are now videotaping our listings and marketing our listings in this fabulous venue.

As a reminder, interest rates are still holding at historic lows although banking standards and underwriting reviews are stricter than before. Loans that used take 3-4 weeks for approval are taking 6-8 weeks in many situations. I find local banks are much easier to deal with than off island lenders.

The first week of April has been quite busy for everyone here at RE/MAX on island. There are plenty of qualified buyers around and many are submitting offers. Also we have just received 2 new quality listings, so please visit our website and take a look. Now is a great time to buy and, if you are selling, a great time to advantage of the many buyers in today’s market.

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