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jane__ny

Home sales plunge

jane__ny
14 years ago

Heard on the news tonight, homes sales plunged to the lowest level ever on record.

Scary since I'm under contract awaiting the appraisal report.

Jane

Comments (9)

  • creek_side
    14 years ago

    No they didn't. That's scare talk. They fell a seasonally adjusted 16% in November measured against October sales.

    The drop was expected. The tax credit, since extended, was expiring. Sales are still up versus a year ago, and economists are expecting another surge of sales in the Spring.

    A one month change when the market is facing the end of an artificial stimulus is not a record plunge. In any event, a single month to month figure is never useful to predict a trend. The time frame is far too short.

  • jane__ny
    Original Author
    14 years ago

    Gee, they made a big deal about it on the news and MSNBC. At the same time I got a email from Zillow stating my house price dropped another 8%. I'm still awaiting the appraisal.
    Not a great time to be selling.

    Thanks for the reassurance,
    Jane

  • logic
    14 years ago

    Jane, my neighbor just sold her house...and closed...at 100K over the price on Zillow.

    In NJ, home sales have been very brisk, even over the holidays. Hang in there...

  • qdwag
    14 years ago

    sales are 1 thing, sale prices are another.So while year over year, sales are somewhat better, prices are not...Sales in my area also never cratered..Homes took a bit longer,4-6 months,but they also are higher priced,750k is the minimum...Best of luck in your pending sale

  • kudzu9
    14 years ago

    jane-
    They made a big deal about it because the goal of many news syndicates is to garner the most viewers. They try to accomplish this by dramatically presenting and sometimes exaggerating the importance of routine events. And don't get me started on the many talking heads who parade their opinions as impartial news reporting. Despite what I sound like on this topic, I'm a positive person...I just keep a cynical eye on news sources.

  • creek_side
    14 years ago

    They made a big deal about it because the goal of many news syndicates is to garner the most viewers. They try to accomplish this by dramatically presenting and sometimes exaggerating the importance of routine events. And don't get me started on the many talking heads who parade their opinions as impartial news reporting.

  • C Marlin
    14 years ago

    Your fears are why I would always ask for the shortest closing. I'd rather move twice than lose the sale or worry everyday in a declining market.

  • Billl
    14 years ago

    The "average home price" is pretty misleading anyway. Because of the stimulus, entry level homes are selling WAY faster than mansions in most areas. Just because a bunch of cheaper houses are selling doesn't mean that home values are declining.

  • rivkadr
    14 years ago

    Real Estate sales _always_ plunge during December. People are dealing with the holidays, and they don't want to be selling or buying during that month. I work for a virtual tour company targeted towards realtors, and our sales during December are around half of what they are all the other months of the year.

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