Will The Housing Crisis Ever end? (PS It already did.)

CBs asks the provocative question in their article dated April 5th. It may be a valid question taken on a national level but locally it seems almost absurd because the rebound in sales price has been so strong and marked.

“In light of all the good news that’s out there — the stock market soaring, home prices are up, foreclosures are down — the American people just aren’t feeling that,” said Rebecca Naser of Hart Research Associates.

“Only 20 percent feel that we’re really out of the woods,” she added.

Full article

People aren’t quite yet adjusted to a positive real estate market.

In general people’s perceptions lag reality by quite some time. People were slow to believe the market correction was coming in 2006. And now on the flip side it’s harder for people to get in tune with the positive momentum in the market.

That will have changed for almost everyone by the end of this year. Buyers will remain a little cautious until their perception has caught up with reality. Normally I find that can mean buyers lose one home. Often on the first home buyers offer on they offer a lower amount thinking the ‘deals’ are still out there, quite often to be bid out by much stronger offers.

So if you are a buyer research the market a little local to where you are planning to buy. Get an understanding of average days on the market at your price range and also the ratio of sales price to listing price. These figures will give you a good sense of the market when combined with price data.