I may spend too much time reading the tea leaves in order to determine what to expect in the Real Estate Market in the next few months, as it is beginning to cause me to have quite a headache. Everyone has an opinion and none of them are the same. Construction starts too slow = not turning around anytime soon, yet sales in new construction is up….go figure that one out. Seems to me that this is good news, means that inventory is being reduced which is what we need to have happen… I think so anyway!
Interest rates are going up = bad news for us in the Real Estate business. Maybe that is exactly what we need in order for buyers to realize that rates will never come down to 3.5%…isn’t 5% still considered a really good rate? If not, then we suffered from a horrible case of memory loss. Just because it was at 4.5% a couple of weeks ago doesn’t mean that 5% is a horrible rate. Some of us remember 12% interest rates and thought it was a good deal, maybe some folks need to revisit the history of our industry.
Nobody has the crystal ball, and all I am saying is that the market has been through a struggle, a cleansing process, but we are going to be fine. Sometimes it takes a positive outlook as opposed to being negative everytime we turn around.
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Well it is officially very hot here in Central Arkansas and so is the real estate business. At least that is what we are seeing so far. I don’t know if the rise in interest rates caused this spark or if we are seeing a bit of a rebound in the overall industry. I can tell you that purchases are picking up and the refinances are levelling out. To me this is all good news… we can’t afford to put all of our eggs in one basket, that being the refinance market. Of course, we take what we can get; however, we must keep looking for ways to expand our market.
Realtors, let me know if you are seeing your business picking up. It is beginning to feel like a typical summer with the purchases beginning to roll in. Let’s hope it continues for a couple of months!
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Well, it is beginning to warm up here in Arkansas, a sure sign that Summer is here. It also marks the beginning of the Real Estate selling season. Based on the first two weeks of June, we are in for a good summer. The bump in the interest rates may have been the trigger for many folks to get off the fence and either buy or refinance.
Have you seen an increase in your business? Are you ready for the summer selling season? I hope so, because it sure was a long cold winter!!
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