Activity is clearly picking up with many more offers coming on homes that have been listed-- even for over 200 days, now under contract! This is good news for all and it appears that we may have some stimulus features working as well as springtime pent-up demand, university parents on a spending spree, more people using 401K's for buying property, and the seasonal upswing, all playing in together. Many people are also afraid of impending hyperinflation and want to be sitting on hard assets if and when that comes to play.
What about interest rates? They are so low right now, it is almost a no-brainer! There may be an additional drop as consumers are still pretty tight-fisted about spending and this may put some downward pressure on rates.
We are still off as of February this year about 30% on sold volume compared to last year end of February. This gap may be shrinking somewhat with additional buyers out and about at the moment. Many buyers we are dealing with are also held up in their buying by the shackles of not having their home sold. So the domino effect will be in play as more buyers all over the country start spending, creating sales for potential buyers who can now move on with their lives...
Here are some statistics comparing Feb. 08 to Feb 09 real estate in Linn and Benton Counties from WVMLS only and does not include private sales:
Feb 08 Feb 09
New constr. offered (all counties of MLS) 1112 797
New constr. under contract 124 74
Year to date sales (Jan and Feb) Benton County 90 64
Linn County 150 101
Price as a percent of Listed to Sales price 94.5 91.5
Average Days on Market: Benton County 145 142
Linn County 160 132
Average sold price per sq. ft. Benton County $167 $146
Linn County $125 $120