Monthly Archives: May 2007

Current State Of The Real Estate Market

Now is a great time to buy a home. I know this phrase gets used much too often and it seems self serving (which it is) for a real estate broker to say this, but it’s simply the truth. Our business, like all businesses, is ruled by supply and demand. At this moment in time, supply is considerably greater than demand.

In fact, according to the Real Estate Information Network, the Multiple Listing Service that covers most of the greater Hampton Roads market, there are over 12,700 residential listings on the market compared to approximately 3,500 listings in 2005. That’s over 2.5 times the amount of inventory compared to just two years ago. This, coupled with the fact that interest rates are hovering around a very low 6%, make it an especially good time to buy. But, this market won’t last for ever. And for sellers, contrary to some media reports, the bubble has not burst and prices are holding strong.

Having been in the real estate market for over 30 years, I can attest that the real estate business runs in cycles and when the market does turn, you will have missed a great opportunity (credit garza). So, the simple economic principle of supply and demand is on your side. The time to act is now. Our sellers await your decision.

Sincerely,

Dick Thurmond