Spring 2008 - Where Are All The Buyers?

Every day someone asks me, How is the market? It's always hard to give a quick answer. Lately, my typical short response is unpredicatable and inconsistent. Mainly, that's because it's been just that. From day to day or week to week, this year is still showing signs of Buyer uncertainty and caution. As is the case every Spring, sales have picked up from what they were over the Winter months. However, they are still running behind the same time last year. The big difference that Buyers need to pay attention to is that right now interest rates are a bit lower than they were last year and prices are also lower than they were last year. The amount of inventory for sale is less than it was last year. In Plymouth, as of today, almost every price range above $300,000 has less inventory to pick from compared to a year ago. (Available homes priced in the $600's is up slightly) Many of the homes priced below $300,000 are foreclosure properties and most need fixing up. Don't wait for demand to increase, because if the supply stays down, prices will only go up. NOW really is a great time to buy!