Friday, December 14, 2007

Chautauqua County Real Estate Viewpoints

Julia and I recently returned from the National Association of Realtors convention in Las Vegas the following excerpt applies to Chautauqua County Real Estate. We are asked constantly " How is the Real Estate Market "  The truth is in Chautauqua County it is the same as it always was. It never flew high so it never sinks low.  We have always had our share of foreclosure sales since we started in 1992. If you were in LV with us they were doing seminars on foreclosures. We passed, we could teach the course. It is nothing new here and nothing to be afraid of anywhere. For every foreclosure there is a buyer who generally gets a good deal. THE MEDIA doesn't tell you that.
 
Our second home market which is the bulk of Julia and my sales is doing very well we have had a good year and so have my associates who work in the market. Prices leveled in 2007.  Appreciation in the second home market will return and the homes will prove to be a very enjoyable investment in the years to come.
 
The problem with "hot areas" is that they did not understand and internalize that nothing grows to the sky.
When you think about it we welcome and celebrate price reductions in all other aspects of our lives for goods and services why not Real Estate if the prices dip or remain stable this helps many purchasers who otherwise would be out of the market get into it.
 
The truth about Real Estate remains the truth if you look out over a 3+ year horizon you will do just fine. If you bought it yesterday and want to sell it tomorrow for a profit best wishes with that.
 
Frankly the biggest problem we have run into is 2nd mortgages. Sellers are upside down because they used there homes as ATM machines.  Some have improved the home and are able to sell with a gain. Most have nothing to show for it except debt.
 
Your comments are welcome.
 
Rick
 
" All real estate is local, " proclaimed NAR Chief Economist Lawrence Yun again and again. "Some markets are up and some are down after years of sustaining record or cyclical highs," he exclaimed. Yun also pointed out that national real estate forecasts are not any more useful to local markets than a weather forecast giving the average temperature for the entire nation. He noted our U.S. economy may not be robust but is respectable and that there is pent up demand sitting on the sidelines. Yun related that Wall Street is coming clean about its less than prudent investments; good loans ARE AVAILABLE to those with jobs and good credit and that 2007 will end as the fifth best housing sales sales year on record. Other key points the economist shared included: the drop in new housing starts is not surprising after a dizzying building boom; the national delinquency rate for sub-prime is 15% while the national delinquency rate for all conventional loans is 3%; and that sub-prime loans account for less than 10% of all loans.
 
For more information on Chautauqua Lake Real Estate & Living: www.chautauqualakehomes.com
 
 


Buying or Selling a Chautauqua Home: www.chautauqualakehomes.com
 
C. Rick & Julia McMahon
Real Estate Advantage
716-483-3300

No comments: