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April 23rd, 2008 9:04 AM by David W. Welch
Realtors are by their very nature optimists. Many would argue that the press is pessimistic. Let's face it negative headlines are attention grabbers. The truth is that the number of new sales contracts was up in March compared to February which was up compared to January. The total number of contracts is way up from the beginning of the year as well. The inventory of existing homes has remained fairly stable since last fall. Prices have come down around 10% year over year. New home inventories have come down quite significantly since the end of 2006. There are plenty of rentals out there that will come back on the market as conditions improve. The key to that statement is that "conditions improve". There is no "bad" real estate market. Conditions just happen to favor buyers right now. There are a lot of choices, prices have come down a bit and interest rates are at historic lows. I think many people have forgotten that you buy a home to live in and it should be viewed as a long term investment. Buying a home is not a get rich quick scheme.