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Forward into 2007 What is your Real Estate Plan? |
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From Exit_Realtor
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It is New Years Day January 2007! As I sip my coffee and
reflect back on last year. I see a bright future for the real estate
market for the first quarter in Mobile. There are still well over 3000 listings available in our local MSL.
As I scanned the different neighborhoods with my boots on the
ground I still see For Sale By owner properties our there too.
This says to me there is still inventory there for potential buyers.
It also says to me that sellers are confident they can move their
property. Some residential properties have laquished on the market
for the eintire year. Due to various reasons mainly price.
The price ranges of property ranges for the lowest of $10,000 up
to well over $500,000 dollars. there were around 6719 residential
properties closed in 2006 with a median sales price of $145,000.
Not including commercial property and land. They took a average
of about 70 days to sell.Ref:Local MLS Statistics
Seller of 2007 will see a bit of a slow down in potential buyers
because of the upward swing of pricing and the creeping upward
of interest rates in the 4th quarter of 2006. They may have to think
about price reductions to move their properties. The days of refugees from
hurricanes, flooding and major storms are over. The local inventory has stabilized and also the influx of individuals looking for housing. Sellers will need a real estate practitioner that has the ability to market and give the listing full exposure to the home buying public. Statistics don't lie. Now over %70 of buyers start their search on the internet. That is why
Internet Exposure of property is now more
important that ever.
As we move into January of this month my mind turns to the
many potential buyers out there. Those thinking about home ownership.
The first thing that comes to mind is tax time! I highly recommend to
those thinking about that rapid refund check to do the right thing.
Look past the many media ads that want to capture that resource.
Now is the time that buyers will have the needed funds for either down
payment or closing cost.
Many don't see the advantage of the refund. They rush out and buy that
used car , furniture, or numerous smaller items that they have put off
acquiring over the past year. In my humble opinion owning a home is a much idea.
Home ownership does mean a monthly mortgage but it can also be seen
as a long term investment and tax shelter for the year and years to come.
Building equity and being able to deduct aquity line of credit interest.
Finding the home you want can be tricky, but using a real estate practitioner can help you with the task. So think about that refund and what you plan to do with it. Buy a lemon used car or be a new home owner?
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Current Inventory 
