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George's Blog

By George | Agent in Syracuse, NY

Market Conditions

On May 26, 2010, I wrote the blog about the future interest rate. See now how that is going down. The property values are going down with deflation. Interest rate is down. Stock market in US is going nowhere. It is time to get rid of stocks. Buy home from a Knowledgeable agent who knows his local market.

Congress extended the date for closing to September 30, 2010. The unclosed homes are trickle now incomparison. On April 30, 2010 the supply of homes came down to 6 months due to $8000 incentive. Now it is increasing to the buyer market territory. Politicians will sleep until the supply becomes unbearable.

Many short sale homes in the bank inventory are dead capitals. The tussle between creditiors, lack of personnel to handle short sale, inefficiency in banking industry and the lack of confidence in the market will make the situation worse. New developments are coming to stream line the short sale properties into foreclosure. Banks should sell the properties and keep the books clean since the goverment is appointing new agency under the leadership of a Harvard Law professor experienced in realestate malpractice.

Net result is obvious. At present, the sellers are comparing their home price with the price of homes sold under $8000 bonus. Buyers are removing $8000 from the asking price. Very few listings are on right price. Bullish tendency among sellers and the bearish tendency among the buyers are rare situations we never come across previously.

Pack up your ammunition and keep ready for buying. I am your buyer agent. Contact me if you are a local investor in Syracuse. My email: georgefri@hotmail.com.



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