Looking Forward to 2011

Summary… Overall the trends appear to point to something similar to 2010 without the peaks and valleys of 2010 caused by the Home Buyer’s Tax Credit program. We remain in the market valley and probably will remain there for a while longer. No real improvement will come without job growth that leads to real market confidence not the fleeting euphoria of Wall Street.

Finally, realize that these observations are general trends.  Specific market conditions in individual micro-markets vary widely: some with a brighter picture, many with a more dismal picture. For a better understanding of the specific market conditions in your micro-market get with a trusted and qualified real estate professional. Generally, the most important questions you’ll want answers to include the following:

Current Inventory Levels

Absorption Rate (based on last six moths of sales)

Months of Inventory

Average/Median Discount from Last List Price

Price Trends

Short, Mid and Long-term outlooks for the subject micro-market.

Armed with this information you will be much better equipped to make the decisions on the course of action that makes the most sense for your specific situation.

May the market be with you.

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