Market Conditions: How strong is the Valley market today?

What is up with this real estate market? Is the market hurting worse than last year or are we beginning to see a turnaround? True, we are seeing more distressed properties hitting the market. However, according to the local Southland Regional Association of Realtors (SRAR), Valley home sales have risen for a fourth consecutive month. SRAR also reports the first year-over-year gain in 30 months! Could summer '08 see a major rebound?

The local real estate market is not the only financial market with an uncertain year's end. At the same time that we are seeing an increase in the amount of foreclosures, oil prices continue to climb, and the latest job report is less than encouraging. Yet many are cautiously optimistic. John Rowe, CEO of Exelon, writes in Newsweek, "...I do not believe that the economy is structurally weaker than before. For example, the United States has faced high oil prices before; the response will lead to a more sustainable and secure economy in the long run."

Only time will tell where the economy at large and the local real estate market will go by the end of the year. One thing is for sure, with low prices, long-term appreciation, and excellent tax benefits, real estate remains the best investment for your money. Contact us today for more information on any of the homes you see on our site or just to talk about the condition of the market.