Inventory is up in every price point but are the anticipated spring buyers going to buy or is sequestration and looming furlough going to cause buyers to sit this one out? With March job growth much lower than expected and no resolution to the budget cuts at this point where is our market headed? The light at the end of this tunnel is that home affordability is still at an all time low and interest rates are holding at well under 4%. I recently read an article on FHA loan programs that stated FHA is loosing up some of their credit and down payment guidelines which could be just what we need to get that first time home buyer off the fence.
97% (yes I said 97%) of all the home sales in the Huntsville area for March were under 400k. This is great news if your home falls within that range but if you have a higher value home to sell in the area you may want to talk to your agent about out of the box marketing and what you can do to make your home stand out from the competition. Out of that 97% almost 70% were under 200k and I think this speaks to the many first time home buyers that are in the marketplace. It is significantly cheaper to buy than rent in today’s market.
I don’t want to be all doom and gloom with my post today so on a much lighter note this weekend is National Open House Weekend and it is great time to get out there and see what is available. So support your local real estate market and attend an open house this weekend.