Amazed and Befuddled

The market continues to amaze and befuddle us. How it amazes us is that we continue to see sales in multiple locations with multiple offers in multiple price ranges. The media says we are experiencing one of the worst markets we have ever had yet it is obviously not the case. We are not sure if it’s us or our market, but our results are different than what the media is stating. We experienced our record month in February alone! Therefore, we are befuddled.

Other things we’ve heard about the market is that we are going to be inundated with
foreclosures. Foreclosures have virtually ground to a halt in our service areas. In speaking with our foreclosure specialists, the request from banks for Broker Price Opinions (BPO’s) has decreased by nearly 75% over this time last year. BPO’s are an indicator of future foreclosures to come on the market. The media says we are going to see an increase, we haven’t seen this yet and from what we hear, we won’t. Foreclosures are going to fizzle out by year end. Again, we are befuddled.

Builder sales have all but disappeared in March. How they can stay in business is befuddling. The media says sales and housing starts are up, yet we are not seeing it in our area, again…we are befuddled. How they are able to keep their doors open at this time amazes us.

Interest rates are low, how low can they go, we don’t know…and we are befuddled. But people should not wait to find out or try to time the market. It’s best to act now because there is no guarantee that the rates are going to go down as the media predicts. As the media has been wrong about the three previous items, they are as well with this…we do not believe interest rates will go down to 3% as predicted. They predicted several months ago that rates would go to 4% - buyers waited, they never did. Why would they say such preposterous things? Again, we are befuddled.

For the amazing truth, call your trusted Gateway agent