Local Counterpoint

The financial news this morning presents a mixed bag, but since the Wall St. reaction is reportedly somewhat reactive to the news from the National Assoc. of Realtors that Feb existing home sales were up 2.9% I thought I'd compare the local performance to those figures. Not quite the same. Feb of 2008 in the greater Chico area the MLS reported sales for single family residences totaled 43. For 2007 they totaled 74, a significant reduction. This year for March to date the MLS reported sales total 22, less than one a day, while for 2007 for the same 24 day period they totaled 73, an even more significant reduction year over year. This is not a viewing with alarm report, simply a reality check if you're selling your home. There are almost 400 homes for sale in this market area, so you need to be prepared for a wait while the buyers make their choices, and certainly you need to very carefully consider your pricing strategy. There is the additional reported factor in the the stock market bounce that Morgan is going to pay $10 a share for Bear Stearns instead of the original reported $2 per share. Why we consider a reduction in bad news as the equivalent of good news is a mystery. Maybe this is supposed to distract us from the real news that a major financial institution messed up big time and is costing a lot of people a lot of money.
On a different note. When a buyer shows up for your home we have some substantial resources available to finance the purchase, including some access to money for the credit challenged. Even some very good opportunities for refinancing for those with some equity. Call us and tell us what you need. Chances are very good we can help you.
As usual
thanks for visiting.