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With all the bad housing news on TV it sounds like no one is buying. But the
truth is somewhere in the middle. People are still buying homes and we are still
keeping pace with last year.

 

As of today, closings for May 2011 were 34 for single detached homes
and May 2010 was 34! We had less foreclosures in 2011 for May
with only 1 versus 14 in 2010. We had 2 short sales in May 2011 and only 1 in
May 2010. There are currently 10 homes that are pending
(cleared all contingencies) in May that should close in the next couple of
months.

 

Year to Date for 2011 – 102 homes have closed versus
2010 were we had 119 closed. Remember that in 2010 we had the
1st time homebuyer incentive which in my humble opinion caused an increased
number of buyers taking advantage of the tax break. Considering that there has
been no incentive 102 homes is a solid number.

 

In the attached homes (townhomes,duplex, condos) for May 2011 -
10
homes closed (3 Foreclosures – 1 Short Sale) versus 12 homes
in 2010
(4 Foreclosures – 1 Short Sale). We are doing fairly well
again.

 

Year to Date in Attached Homes you can definitely see how
1st time home buyers took advantage last year. Currently in
2011 we have closed on 35 homes versus
2010′s number of 56! Foreclosures out of the
35 were 14 with only 5 Short
Sales. in 2010 we had 16 foreclosures out of
56 and 4 Short Sales. The tax incentive really
made an impact on the attached home segment. There are currently 13
pending contracts that should close within the next couple of months
for attached homes.

 

Currently there are 255 Active Listings in single family
homes and 105 Active Listings in attached homes.

 

Despite these numbers, interest rates are still low – down payment for FHA is
still 3.5% and prices are at their lowest in decades. With the
government trying to get rid of Fannie Mae and Freddie and politicians trying to
increase the down payment to 20% and the strong possibility
that interest rates will start climbing…don’t you think it’s the best time to
buy a home??

 

Don’t be the one telling stories 10 or 15 years ago…I should have bought a
house in 2011 when you could have bought a home in Old Reserve for less than
$400K…or in any Oswego neighborhood. Take Action today and find a great home,
at a great price today!

 

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