In a segment titled "Real Estate Market May Be Cooling Off," NATIONAL ASSOCIATION OF REALTORS® President Thomas M. Stevens appeared on NBC's "Today" show.
Stevens said although there has been a lot of talk about a hard landing in real estate, he isn't worried. Interest rates are still low, and homes are selling for 12 percent more than they did a year ago in January.
Although he did acknowledge that sellers need to recognize the reality of the market. More inventory means they may not be able to count on the giant gains of the past few years.
"Just because the neighbor might have sold their home two months ago and realized a 40 percent gain in a period of a year or two years, I think they have to evaluate what they need to do to get that home sold based on the competition in the marketplace," Stevens said.
Torrance Homes are still hot!
We have really seen the market drop in Kansas City. Homes that were selling for TOP Dollar in 30 days last year are taking 100 days to sell and 10-15% less than last year.Its a great time to buy investment properties isn't it?
Posted by: Chris Dowell | March 20, 2006 at 08:04 PM