Thursday, January 20, 2011

Doug's Thoughts For The New Year

Wishing you a wonderful 2011 where you accomplish your goals and enjoy every day with enthusiasm and promise.

The “year end” numbers I predicted the last 2 months (mostly) came true. There were 337 residential units sold in 2010 compared to 270 in 2009. That is a 25% increase! The median price of $596,500 in 2010 is 8% over that of 2009. The only surprise to me is that days on market remained relatively constant at 299 . As you remember, my earlier prediction was that days on market would be reduced by 10%. I hope these statistics continue into 2011 and we see a continued stabilization, if not appreciation, in our real estate market.

The New Year also brings a time to review the current market value of your property. I will be emailing you, within the next week, an updated CMA that evaluates your property in relation to the market. Please let me know any questions or comments you might have after you review the report.

Interest rates have “ticked” up a little in the past quarter, although most 30 year fixed rates are still below 5%. The change in banking that is affecting the real estate market most is the “tightening” of banking requirements for buyers. In almost every transaction last year, I saw new documentation requests from loan underwriters, so patience is a definite virtue when waiting for the bank to approve a buyer’s loan.