Once again, national sales data is not truly reflective of local real estate markets. Plus these reports lag the market, so when the reports are made they are already behind what is happening in the market today.
The Case Schiller Report referenced above is based on sales back in the fall, not even winter. All I know is that in the last two weeks as I call to make appointments I am hearing often, "Sorry, that went under contract this morning."
Now, prices have definitely dropped, but as I have mentioned before, you can have prices falling on one street and rising on another one block over because of things happening in a neighborhood which have nothing to do with the national market. The same goes for developments, there are some locally where the home owner association fees have risen dramatically as the association realizes they need to tackle some big issues that have arisen and because of this prices are under pressure. Townships, neighborhoods and developments all react to local information not national because people are more engaged with their personal economy not the national economy.
The media would have us all focus on the negative, but we have the majority of people employed and rising, confidence has been rising, and homes sales both new and resale are beginning to rise as buyers decide prices are probably at the bottom and rates whislt they are low and may not rise this year or next make a wonderful opportunity to purchase a home or an investment.
You can choose how you react to this data, with understanding or out of fear which will cause you to stay still, fearing to make a decision, or you can turn to a local Realtor who understands the local market and seek advice. In fact just today I read an blog on Trulia showing 4 reasons why consumers need an agent, worth reading.
In fact all these economists have been making a living trolling out their dire news for the media channels, even though they have been wrong most of the time for the past few years. So, if you want a realistic view and opinion, look locally.
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