Kristin Hilberg Keller Williams Boston North West

One of the biggest challenges to the Nation's housing industry throughout the rest of the year will be the increase in discounted properties coming onto the market. There is a glut of foreclosures that have been delayed by the court systems in many states while paperwork was corrected. The banks are rectifying their paperwork and processes. Now, more and more states are clearing the way for the banks to resume repossessing these properties.

As these properties find their way to the market, the prices of non-distressed properties will be adversely impacted for two reasons.

There are a finite number of homebuyers in any market. A portion of these buyers will purchase the distressed properties new to the market because they can get them at discounted prices.
The Acton Boxborough area has been fortunate in the fact there have been relatively few distressed properties in comparison to areas such as Lowell, Marlborough, Hudson, etc., but that doesn’t mean we should be smug about it! The foreclosure inventory will draw some buyers who might otherwise have chosen to locate here to other towns where they can get more house for their dollar. This is something we're going to need to pay attention to over the next one to two years.

As always, remember that everyone needs to make the best decision for their personal situation. Is this the right time for YOU to buy or sell? If it is, surround yourself with the best professionals to help you get the job done well and always stay informed.

Kristin

Information source: Keeping Current Matters

The Economic Big Picture

It’s been awhile since I’ve posted…to be honest, I’ve been busy selling houses! However, with all the chaos going on with regard to the economy, I felt compelled to do a little research.

Take a look at the data below and draw your own conclusions…is the sky falling?

Measure	August 2010	August 2011
Dow Jones	10,213.62	11,405.93
S&P 500	1,071.69	1,192.76
NASDAQ	2,179.76	2,523.45
30 Year Mortgage	4.44%	4.32%
National Unemployment	9.7%	9.2%

Table from KCM Blog Post, August 17, 2011

Only you know if it's the right time to buy or sell your home. With interest rates low (I have clients who locked in this week at 4.1% for a conventional 30 year fixed!) and prices continuing to drift downwards, this remains one of the best times in history to purchase a home.

I’ve had a spectacular year in real estate to date. I don’t want to appear to be bragging, but it’s important to show that the real estate market is still moving! I’ve closed 14 sales in the last 8 months, and have another 8 pending (this means homes under agreement) that are scheduled to close between now and November 1^st. There are lots of other Realtors who will report the same.

If you’re thinking this might be the right time to make a move, please give me a call or shoot me an email. It’s still a difficult market and you need a Realtor with both experience and the skills to help you make it happen.

Kristin