September 16th, 2010 4:31 PM by Rob Robbins
The market has experienced a slow down in July and August which is a direct reflection of the Fed tax incentives even in our market. First time home buyers and some move up buyers took advantage of the tax incentives in the spring and put homes under contract by April 30th to close by June 30th, 2010.
Most of these buyers would have purchased a home anyway. It just moved up there time table and as a result lowered our sales in July and August.
It will be interesting to see how September turns out. Historically, September would be slow until mid month when fall buyers start coming to town. We have 90 days of generally good market activity until the slow down for winter.
Internet activity is strong and especially on properties over $150,000 which reflects our fall buyer's buying habits.
Our residential inventory has dropped some which is a good sign when there are new listings added almost everyday. Prices are still dropping and the good deals are not staying on the market. There are still buyers not buying anything due to unrealistic expectations on pricing and not trusting their REALTOR. The savy buyers using the tools REALTORS provide understand the market and are purchasing. We have helped 3 buyers purchase property in the last 3 weeks. All three have purchased wisely.
There seems to be some interest in commercial property while land and lot sales are almost nonexistent.
Rob
