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The end is in sight...

If you’ve been following the national news recently regarding the bankruptcy of Lehman Brothers, the stock market getting hit and Fannie and Freddie being taken over by the government, these are all the classic signs of the bottom of a market correction.

Right now, we don’t have so much of a real estate problem as we do a banking one. Prices have mostly stabilized across the country and in the short sale and foreclosure market we’re seeing multiple offers. Although I do believe there are a couple more banks in trouble and there’s not yet a full complement of mortgage products to satisfy all the buyers in the market, trust me that will get sorted out. For thousands of years lending money has been one of the most profitable businesses in the world. Banks make money by lending; not by deposits. So they will figure out ways to package loans and get cash into the hands of consumers. I believe this is the final cleansing process and in the next six months we’ll start to come out on the other side of this.

Make sure you don’t get caught in the “cudda shudda wudda” of taking advantage of this market. It remains a great market for first time home buyers, move up buyers and investors. We won’t know what the bottom is until after but I believe it’s pretty close.

In Stark County and the surronding areas it is still not a bad time to sell. Over 30% of the new listings are selling in the first 30 days. We have buyers that are looking for homes that are in very good condition priced right. If you or someone you know is thinking about a move, now is a great time to talk to a professional about your situation and goals.

Remember, the market is local and so are we.

Oh, by the way... we are never too busy for your referrals.