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The Market is Coming Back!
Sunday, November 5, 2006
We have seen a surprising and very encouraging amount of activity over the past 5 weeks in our seashore market. To me, it seems as if people have tired of hearing the negativity the always suggestible and sensational media kept projecting for the past many months. The foreclosures and acute market tumbling simply never came. THere is talk in the economic community of this "bubble " being O-V-E-R.
We DID see a correction in the market - nationwide. A HEALTHY correction. Now, the economy is doing very well - the Dow Jones is at record highs, mortgage rates remain very low, and gas prices are way down! Looks like a good winter all around as well - natural gas prices also down as well.
An MLS search as of today, November 5th, 2006 reveals 21 properties placed under contract in Avalon and Stone Harbor since the last week of September, 2006. This is almost an equal number to the entire summer!
A greater selection of Inventory combined with a nice correction in prices has led to alot of renewed interest in buying at the seashore. We have seen a healthy adjustment, and we are returning to selling. The savvy and intelligent Buyer has seen the opportunity in this marketplace. Lots of folks have taken advantage of this opportunity, and improved their location. Most folks still have alot of good equity in their homes, so Sellers are happy as well. All in all, things are really looking positive, and it looks as if we may be again in a symbiotic enviornment, where Buyers are buying to be here, not to make a quick hit. We are learning that whther it is dot.coms or other fads, what seems too good to be true often is. But demographics and population increases lead only to one thing ; a greater need for housing overall. We draw from a HUGE area / pool of interested parites, all up and down the eastern coast of the United States. I have people from Ct, from VT, From MD, from PA, NJ , NY , MA, MA, FLA, etc etc!!!!
As the supply decreases, the BEST deals are the ones we are seeing going out first. When demand outweighs supply again, the values will again be higher.
Avalon and Stone Harbor are special places, and will remain so for a long time to come. There will remain a heavy interest in these vacation gems.
