Here are our results for September as well as the metro area. The number of showings continues to grow over last year, indicating that there are still a lot of buyers circling. The current economic uncertainty will affect some of that, particularly in the upper end markets. Since the majority of our market is under the FHA limits, we do have plenty of money to lend and even above $300,000 we have money at great rates, it just requires a real down payment now.
Buyers may be hesitating for a number of reasons; personal financial uncertainty, looking for a better deal, etc. The best advice is to not get caught up in the short term view. A home purchase, particularly in today’s environment is a long term investment. Take advantage of the opportunities today, they will never be better but don’t try to time it perfectly. Values may fall, but if they do significantly it will be because mortgage availability and interest rates have changed for the worse as well. If you are comfortable with your employment prospects and you are not using your stock portfolio to live on (it will come back), then now is the time to buy!
