Real estate moving in a positive direction

By: Michelle Carolla | SCNow
Published: March 19, 2009

With record job losses and foreclosures, 2008 did not end well for the real estate industry. There are signs, however, it will turn around in 2009. Among those reasons are historically low interest rates and a rise in inventory. There are glimmers of hope starting to emerge for both buyers and sellers.
Nearly everywhere you go you see for sale signs and those signs each represent someone wanting or needing to get out of their mortgage and a potential good deal for buyers.
It's just coming to an agreement in this new economy that satisfies both sides that's a little tough.
"Buyers and sellers aren't quite seeing eye to eye,” said Duke Melton, Sales Manager of Dock Street Communities. “Buyers know there are great deals out there, and sellers also believe that their product is a great deal as well. But what's really happening out there right now is buyers are sacrificing what they really want for money."
Melton said traffic is up in their Myrtle Beach and North Carolina offices and as the local tourist season starts, he expects sales to also jump.
The National Association of Realtors said pending home sales dropped in January to the lowest rate since tracking of signed contracts started in 2001. On the flip side, housing affordability reached record highs.
"I don't have a crystal ball and I couldn't tell you what's going to be happening in six months, but I think folks' perspective right now is are we still going to be in this great of a buyers market six months from today,” said Melton.
The unknown keeps some shoppers from signing on the dotted line. In order for the economic outlook to improve though, the real estate industry must stabilize.
President Obama said a turn around of the housing market is key to revitalizing the economy. There are positive moves happening such as the record low interest rates allowing families to afford more home for the same money
Also, the $8000 dollar first-time homebuyer's credit that no longer needs repaid. The credit applies to anyone not owning home in the last three years. The federal government also proposed ideas to reduce the amount of foreclosures.
You can ask questions about the real estate market, Thursday, March 19 on our weekly online chat, Ask An Expert. This week Rod Smith, Director of General Brokerage for Coldwell Banker Chicora will host the chat. Use the keywords : Ask An Expert from the homepage.

Real estate moving in a positive direction

OYS: Real estate (Added: March 19, 2009)

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