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Tom and Joanne Team's Blog

By Tom Matthews & Joanne Taranto | Agent in Weston, MA

The Impact that Wall Street has on Main Street

There have been so many loses on Wall Street this past month and this is really having an impact on consumer confidence.  The Fed's did announce however that interest rates will remain near zero through 2013 and that may allow for housing to become a safe haven for people looking to place their monies. 

The major issue facing buyers and sellers right now is shadow inventory and the effect that foreclosed properties entering the market will have on prices.  I feel that it is really important to position homes properly in the market based on current economic data to counter the effect of shadow inventory.  

Whether I am looking at a home for a listing or as a buyer broker I am researching the following statistics to determine current market value.  

1. Absorption rate in market place
2. Assessed Value correlation to Sale/List price
3. Price per square foot
4. Condition
5. Location

If the after doing this reasearch I do not feel the home is well positioned then I will not recommend listing the the property or having a buyer make an offer.  Realtors have a duty to the consumer seller and buyer to protect that market and we do that by doing a Great job.  

The prices might go up or they might do down a bit, but if we position homes at current economic values there should be a good environment for sales based on low rates for the next 12-18 months.  Best    

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