Stan, in general I agree with what you say about real estate, but look at pages 19 and 20 of the following report:
ofheo.gov
We've looked to buy for a year in NC. The house we chose we first saw in June 2007. Builder named a price 10.9% lower than his Parade of Homes opening in October 2006; and 8% lower than his reduced price in Jan 2007. I made a lower offer. He passed. Came back in mid August. Community was nearly built out; 3 homes available in June had sold, 2 others were under contract. I offered him the price he named in June and he accepted. Meanwhile, back at the ranch: The real estate market here in San Antonio is still relatively good. Interviewed 3 realtors, and they all said selling here shouldn't be a problem, acknowledging we were in a "transitional market". Looking at comps in my specific neighborhood: 6 homes have sold since Jan 2007. One stories moved at, respectively, 46 days, 44 days, 42 days, 8 days, 15 days, and (most recently) 3 days, at or near full asking price. 2 stories were slower 191 and 126 days, respectively. So there's definitely been some softening, but not a real disaster yet. Of course, as Curly said in City Slickers: "Day's not over yet..." LOL! |
