No Calm to Follow Pearl
River Home Sales “Perfect Storm”
Call me, Marcella on
845 544 4026 or email me at riggsmarcella@gmail.com or check out the
inventory for yourself at marcellariggs.com
Last week, Pearl
River home sellers saw more than the usual number of reasons to look forward to
this spring’s Pearl River home sales selling season. It looked like the
opposite of the lengthy real estate “Perfect Storm” that caused freefall
across the national landscape. No Calm to Follow Pearl River Home Sales
“Perfect Storm”
Signs pointed to the
possibility that we may be headed into the opposite market conditions.
Webster’s Dictionary says the opposite of ‘storm’ is ‘calm’ – but I don’t think
you would call Pearl River’s home sales outlook a “Perfect Calm.” Far from it!
No Calm to Follow Pearl River Home Sales “Perfect Storm”
Some of
the signs:
-
Falling Inventory. Per the NAR’s Existing Home Sales Report, there’s a
nation-wide shortage of total inventory. By the end of January, it had fallen
another 4.9%: lowest in seven years. Raw unsold inventory hasn’t been this low
in 14 years!
-
Rising Demand. Per last week’s National Association of Home Builders’ News
and Alerts bulletin, “housing demand continues to return.” NAR Chief Economist Lawrence Yun, pointing to
buyer traffic that is up 40% over a year ago, states flatly, “We’ve
transitioned into a seller’s market in much of the country.”
-
Buyer Attitude. Also last week, the Conference Board’s Consumer
Confidence Index showed a rebound from January. The ‘Present Situation’
index rose sharply (from 56.2 to 63.3). This remains the only less-than-stellar
point of contention, I think one area could be a tipoff to gathering strength:
the proportion of those expecting their income to rise is now growing, those
expecting the opposite, falling.
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