Housing Affordability at Record Lows!

April 1, 2009
It's April Fool's Day! Today is a day of trickery, practical jokes and fun from coworkers and friends and I have done my fair share over the years, so be cautious of weird request or suggestions from those closest to you today. One thing that doesn't seem like a joke is the uptick in the recent activity. I can tell you honestly that my business has picked up quite a bit in the last month or so and although it is spring time here in the Northern VA/DC area it is still a little bit busier than in years past. I believe the media and everyone else is beginning to recognize this fact as well as there are starting to be some positive reports. Now while we all aren't jumping out of our seats there has been a dramatic change from the doom and gloom news to some positive stories. One of these stories I have posted below which just came out this morning. It shows that new records have been set in housing affordability and that business in February concerning resales statistics had terrific gains. While some of this is regional, I do believe from talking with my clients and other realtors that some of the stimulus incentives, records low rates, and various other factors such as the affordability are starting to change the dynamics of the market. I'll continue to keep you updated but this is all moving in the right direction for home sellers and may mean that things are bottoming out which shows that buyers might be getting the best deals that they are going to get for a while.
http://www.realtor.org/press_room/news_releases/2009/04/phs_gain