What are home sales doing now? The impact of the Tax credit is supporting home sales for another quarter. Home sales jumped up by 11% over last quarter. Some of this is also driven by sustained low mortgage rates. What does this mean for 2010? Have we seen the bottom? I don’t think we have. In my local market consumer expectations of lower prices next year are driving demand for homes down at this time. If you have a home that you have been trying to sell and it’s price right (holding everything else constant) but hasn’t sold after 6 months this may be why. Until consumer expectations about lower prices changes (which probably won’t happen until another 12-18 months) I’d rent it out. If you must sell then visit me atEl Paso Homes for Sale. We specialize in handling distress properties.
The opinions expressed here are my personal expert opinions as a realtor and are to be used for general information purposes only.
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