It is sometimes difficult to not believe all the recent hype that seems to doom our real estate market to a never ending downward spiral with no end in sight. Not all is lost. Truly.
Galveston, Texas is not only a unique place geographically and demographically, but also when you're talking real estate. As current Galveston Association of Realtors (GAR) President, Sue Ellen Johnson noted in September 30th's editorial of the Galveston Daily News, Galveston sales in August were up 8% from the same time last year. The total sales for August 2007 were $29.9 million - up from $27.7 million in August of 2006.
The nation experienced a drop in sales for a number of reasons - overbuilding, the "tightening up" of lenders' requirements for loan programs, and "standing inventory". But, (here's the good news) interest rates are still low. Prospective buyers in Galveston find themselves in a "buyer's market" where there is more inventory (homes) on the market than there are buyers to buy that inventory - a great time to buy because savvy buyers, with the help of their buyer's rep, can often more effectively negotiate sale prices from sellers who are eager to sell.
Bottom line, it is still a great time to buy. Property this close to any body of water is a commodity that is not in unlimited supply. That means we have something desirable here in this community. There will always be value in land close to water - after all, what good do our fishing poles, water skis, wave runners and inner tubes do us if we're in the middle of the Mojave desert? Not much but make us look downright silly. Almost as silly as those nay-saying real estate downers. Almost.
(want some numbers on the Galveston market? email me at Adrienne@TheHouseCompany.com for a market update or just to ask a question!)
Galveston, Texas is not only a unique place geographically and demographically, but also when you're talking real estate. As current Galveston Association of Realtors (GAR) President, Sue Ellen Johnson noted in September 30th's editorial of the Galveston Daily News, Galveston sales in August were up 8% from the same time last year. The total sales for August 2007 were $29.9 million - up from $27.7 million in August of 2006.
The nation experienced a drop in sales for a number of reasons - overbuilding, the "tightening up" of lenders' requirements for loan programs, and "standing inventory". But, (here's the good news) interest rates are still low. Prospective buyers in Galveston find themselves in a "buyer's market" where there is more inventory (homes) on the market than there are buyers to buy that inventory - a great time to buy because savvy buyers, with the help of their buyer's rep, can often more effectively negotiate sale prices from sellers who are eager to sell.
Bottom line, it is still a great time to buy. Property this close to any body of water is a commodity that is not in unlimited supply. That means we have something desirable here in this community. There will always be value in land close to water - after all, what good do our fishing poles, water skis, wave runners and inner tubes do us if we're in the middle of the Mojave desert? Not much but make us look downright silly. Almost as silly as those nay-saying real estate downers. Almost.
(want some numbers on the Galveston market? email me at Adrienne@TheHouseCompany.com for a market update or just to ask a question!)
No comments:
Post a Comment