New Listing - Large 4 bedroom 2.5 bath home in great neighborhood. Curb Appeal.
Just some National Real Estate faqs hot off the press.
MARCH 2008 Data released 4-25-2008 - National New Home Sales (NHS) at lowest rate since 1991.
NHS down 8.5% for March 2008 after
NHS down 5.3% for February 2008.
New Home Supply stats:
New Homes inventory for March 2008 at 11 months*
*This is the highest inventory since Sept 1981.
New Home inventory for February was at 10.2 months.
New Home Median Sales Price for March 2008 is off (down) 13.3% from March 2007
Silver City Residential, Commercial, Farm and Ranch, Multi-family and Vacant Land Search
Ok those are the stats. What does it all mean?
Looks to me like there will be more bargains in new homes in select markets in the coming months. I assume there will be many motivated builders who will find themselves forced to keep the $$$ flowing and who will be offering deep discounts and incentives to move their inventory. This will have negative effects on the resale market as the old will be forced to compete with the new homes being discounted. Why buy used when new is comparably cheap? This is not such a concern here in Silver City as only a very small percentage of our annual sales are considered new home supply.
Silver City ACTIVE residential home inventory continues to creep up with an obvious slowdown in SOLD listings being reported. Remember we experienced a noticeable slowdown in activity over the winter months, and only a few weeks ago did we see anything approaching what we might call normal activity. Since most contracts run 5-6 weeks from showing a property, to getting a contract accepted, through to closing and SOLD status, I am expecting (and hoping) this increased recent activity translates into more SOLD listings being reported a few weeks or so out from today.
If you are waiting for signs of a bottom before buying, you may just miss a great buying opportunity. Deals are out there. Repeat. There are some reasonably priced and attractive opportunities to be had in our market. Not all Sellers are blinded by greed and desire to make a killing off of an unaware (and often out of area) Buyer. There are actually Sellers willing to take reasonable prices. You need an experienced qualified Realtor to help you determine which properties are full of blue sky and which might be considered potentially great investments.
Do your due diligence (DD) by regularly searching and keeping track of new inventroy using one of the popular free websites. It's time to start considering the Realtor you will work with as well. Only after you have done your homework and feel comfortable that you have a handle on the real estate market here, should you venture out alone without the aid of a quality Realtor. I am proud to offer GMAC's Premier Service and Premier Service Guarantee to Buyers and Sellers of New Mexico property. There is a difference in service. I welcome the savvy customer who interviews more than one Realtor, who compares and carefully chooses their Realtor. I challenge you to interview the competition and see what they have to offer. I then challenge the competition to step up to the plate and put in writing their personal and professional guarantee to you. The Premier Service Guarantee* to you is in writing, and it fully describes the golden rule of customer care that I will provide. *
Speaking of Customer Care... Enough lunch time blogging activity. Gotta get back to take proper care of my existing customer's needs. I am able to provide top level service and help 2 more Buyers, and can service perhaps 3-4 additional Seller's properties.
Need a good Realtor? Call Archer @ 800-368-5632 #17 or locally 575-388-1921 #17. I just want the opportunity to earn your business. There is a difference. --aarcher--->
*Premier Service Guarantee Details.
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