March 8th, 2011

money, paid, savings

So Many Houses on the Market

In the two-mile route I walk every morning, there are at least 4 or 5 houses for sale and one that has been basically abandoned.  There are several other houses in our small town that are for sale, too.  It seems as long as we've lived here, for the past 13 years, there have constantly been houses for sale, people moving out of town, and people moving in.  With the slow down in the real estate market, houses have probably been on the market longer or selling for a bit less than they were at one time.  Unfortunately, I haven't been paying close enough attention to know for sure, and since real estate here in Eagle isn't quite as up-scale and exclusive as La Jolla real estate, I don't know that there's any good place to look it up. 

It's also hard to keep track of this stuff because 'Accepted Offer' and 'Sold' signs don't always go up.  Sometimes the 'For Sale' sign just disappears, and we don't know if the house sold or if the owners just gave up and decided to stay - unless and until the moving van shows up, and then we figure the house must've sold.  There is one house along our walking route that does have an 'Accepted Offer' sign, so that's encouraging.  Current mortgage loan rates make it a good time to buy, though with all the houses on the market and declining home values, it's not the best time to sell.  I'm wondering if home owners have to sell at a reduced price but get a good price when buying a new house, if it doesn't work out OK in the end anyway?

I'm not sure - no, I know - I don't know enough about it to know whether that's true or not.  I'd have to read some more, starting with this article on What Determines a Healthy Real Estate Market, and hope that we don't have to move anytime soon.  Or, if we do, that both the selling of the old and the buying of the new go smoothly.