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2012 Home Sales Report

Fred was quoted today in an article in Econoplay.com entitled "Realtors: A Surprise Surge in December Home Resales amid Political and Economic Tumult"  written by Gary Rosenberger.

Some of the point made were: 

  • Good Weather, Low Prices, Low Mortgage Rates, Some Loosening of Credit Cited
  • Investors Heavily Into Real Estate, Commit to a ‘Rent?and?Wait’ Business Model
  • January Even Better; But Some Markets Roiled By Wall Street Layoffs
By Gary Rosenberger
MIAMI BEACH (EconoPlay) Jan. 17 – December, seasonally a sluggish month, saw
surprisingly good home resales in most of the nation – fueled by low prices, even lower
mortgage rates, investor capital, looser credit criteria, and a mild winter, brokers say.
…………………………………
“We had the best December in the last three years in terms of closing fourth?quarter
sales, as well as appointments and writing offers,” said Fred Roven, owner of Martha’s
Vineyard Buyer Agents in Massachusetts.
“I do not ever remember so many December showings and writing offers in the last
week of the year. It’s almost unheard of,” he added. “The mild weather had some effect,
I believe, especially for the second?home market in luxury destinations.”
Buyers who were on hold because of economic uncertainty decided it was time to
pull the trigger. “Interest rates seemed very important for entry?level buyers and
investors, but many second?home sales seemed to be cash,” Roven said.
That brisk activity carried into the New Year, with high?priced properties now in the
mix.
But he, too, is alarmed by Wall Street’s insecurity. “Wall Street buyers say prices are
still too high and Wall Street sellers are not willing to budge,” Roven complained. “Also,
for the first time in the current downturn, except perhaps right after the Lehman
collapse, I am seeing foreclosures and short sales in the luxury market.”
Yet some Wall Street clients are willing to pay “hundreds of thousands of dollars in
summer rental fees rather than pay what they feel is too much for a house,” he added.
 
The newsletter describes itself as ".....a reality-based economic forecasting service tracking all key U.S. economic indicators ahead of release – relying exclusively on the experiences of business people who are eyewitnesses to the economy’s every move." 

 

Posted at 01/17/2012 05:06 PM by MV Buyer Agents
Categories: Vacation Home Sales, Martha's Vineyard Real Estate, Real Estate News, Real Estate Market, Real Estate Investment, Mortgages and Financing, Selling Your Home

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