Good-bye 2011! Each year that goes by gets us a little closer to a better market! It is simply going to take time to work through the foreclosure inventory and for the economy to get to a better place. REIN MLS gives some good statistical data and from that it shows some positive indications. The best was that the December closings were 104 in Suffolk, which matched May closings as the top month. We had a surge at Cross Realty and I think it may have had to do with banks dumping some inventory and great interest rates. Another good sign was that the Medium Sales Price went up, close to $230,000.00 in Suffolk. That was about a $5,000 increase over the last few months. Again a good sign, but I am not sure it is sustainable. We will see.
Our rental market continues to be strong. Cross Realty manages over 300 properties and we continue to have a good record of having them 98% rented. We have been in the rental management business for 59 years and that factor helps with contacts and referrals.
Interest rates are in the 3.9% range. Good time to refinance if your appraisal is above your loan value. It is estimated that about one-third of the homes in the market are “underwater”, their loan is higher than their current market value. We know where your home will sell. It is all about supply, demand, cost of money, the economy and absorption rate. Call us, we can help you. 2012 is going to be a great year!