For many, it was an anxious ADIOS to 2008. As for the upcoming year? There are certainly many things put into place that could truly make this a "turn around" year.
First: Interest Rates are at 50 Year Lows!! This has just begun to spark a wave of refinancing, which is good news for Lenders, Appraisers and even Title Companies.
Second: Perhaps inspired by the Interest Rates, SOME of the people who have been "pent up on the sidelines", are coming back around to take a peek at the Real Estate Market. (But I must admit it is still slower than normal for this time of year.) Their money is doing little or nothing in the Stock Market and prices have definitely been adjusting downward here in the Wickenburg Market. There are some Real Bargains out there!
Third: Since our last conversation, the Bailout Legislation is now in effect and money is trickling into the system. However they seem to be focusing on the most delinquent of homeowners, and trying to keep them in their homes, rather than releasing some capital for good loans. The banks remain unaccountable, and have been hording the billions of dollars given them. That CANNOT continue if there is truly going to be a turnaround in the Housing Market. There needs to be pressure put on them to start lending again, and it needs to happen NOW!
Fourth: The election is finally behind us! There is a real sense of "lets get on with life"! Regardless of whether your guy won, there is a sense of "moving on". (will it be Forward or Backward is yet to be seen), but many of this Administrations decisions will be geared toward what they think is necessary to spur the economy. Let's hope they know what they're doing!
Having said all that, the Real Estate Picture continues to be sluggish at best. We are down from last years numbers of SOLD properties AND Inventory, (FOR SALES) is way up again (266). Foreclosures are also up! So back to my earlier comment: "There are certainly many things in place that could truly make this a turn around year" ... Yes they are in place, but they do not seem to have kicked in yet! I am sorry to say: We are NOT out of the woods yet, and I don't see things changing drastically this year. But, I pray I'm wrong!
For any of you who have friends who have talked about moving out to Wickenburg,
PLEASE give them my message:
COME ON DOWN!!! We have some Beautiful Properties at INCREDIBLE PRICES!!!
Here are the Numbers for LAST QUARTER 2008 vs. 2007:
Price Range Last Qtr 2008 SOLD Last Qtr 2007 SOLD
0-$400,000 13 15
$400,001-$600,000 1 4
$600,001-$1Mill 0 3
Over $1Mill 0 0
Total 14 22
Now Here's the 2008 Total Recap Vs. 2007:
Price Range Solds for All 2008 Solds for All 2007 Active Listinge 2008 vs. 2007
0-$400,000 78 70 140 115
$400,001-$600,000 9 19 57 53
$600,001-$1Mill 6 13 48 35
Over $1Mill 3 0 21 20
Totals 96 102 266 223
NOTE: 14 of the Active Listings above are either Bank Owned or Short Sales!!!
Inspite of what may seem like overwhelming negative news,
From my Family to yours,
May 2009 be your Best Year Ever in Every Way!!!