This is from the "But wait, there's more!" department. Yes, home sales are down and home prices are down. Again, I blame most of our current home sales crisis on the media--from back in the fall of 2006 with their doom and gloom of "Housing Bubble" ("The sky is falling, the sky is falling!") That caused a wholesale HALT of the real estate market. From there, yes, the sub-prime mess surfaced and now we're in the credit crunch period so all is truly a mess. BUT, sales prices aren't as bad as the media keeps screaming. Remember folks, just like "Location Location Location" all real estate is local... ATL market has only dropped 3.4% over the past year. Yes, nationwide the drop is higher (9.8% for the S&P/Case-Shiller composite based on their 10 large city metropolitan area, 9.1% for their 20 city composite). If you live in Miami, a 17.5% drop is horrific (unless you want to buy that million-dollar oceanfront condo for much less!) or better yet, Charlotte, NC with a 2.3% GAIN in sales prices! Way to go Charlotte! For all the cities, click HERE and look for the press release.
Look folks--rates are low, houses are priced to sell--before the Spring Fever hits ATL, get out there and BUY. If you wait, you WILL pay more... You heard it here first : ) Cheers, Bo
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