Market News

I was quoted in the News and Observer this week, saying that this market is “brutal for sellers,” which it is. In the same article, Loan Officer Todd Barbour said that buyers won’t buy just because of low housing prices and mortgage interest rates — it takes jobs. I said it takes confidence in the future. Todd and I are really in agreement, because confidence in the future largely comes from jobs that aren’t going to go away.

The reporter didn’t quote me, though, when I went on to say I expect things to improve — perhaps dramatically — early next year. The Federal housing stimulus programs did stimulate buying, but they also drained the pipeline. It takes time to build that up again. I have several clients waiting to list after the first of the year, and all of them plan to buy as soon as they sell.

It’s a great time to buy. The problem is, it’s a difficult time to sell, and people are held back from buying when they can’t sell. There’s a Catch-22 cycle in play.