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What is Happening NOW in this Market?

September 3, 2010

Well, it certainly doesn’t FEEL like we are coming out of this recession any time soon (even though technically, according to the goverment, the recession ended last year….yea right). The unemployment rate is still high. Wages are still down. Home values have not begun to bounce back. People’s savings are still being eaten up. Lenders are still making it hard to get a loan. Foreclosures and short sales represent more and more of the market every day, bringing real estate values down even further. You may have experienced one or more of the previous statements. On the bright side? Interest rates remain ridiculously low, with industry experts predicting that they should stay under 5% for the near future. Home inventories are high meaning that if you are a buyer, you have the pick of the litter and should be able to get a good deal right now. Prices are down. The rental market is extremely strong, rents are going up, which bodes very well for investors. The reason the rental market is so strong is because many people have been foreclosed on or done short sales, and as such do not currently qualify for a home loan. Also, many people just don’t have the cash they used to, necessary for down payment and closing costs. Some stats: Fort Collins has lost 1% in value for residential and attached units year over year…the median home price here is $229,000 and the median attached unit is $153,500. Number of homes sold is actually up 25%, and 16% for attached units. Average days on market is right around 100 days.

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