August has come and gone, and September has as well. The leaves are changing … it's one of my favoritest (can I say that? Sure I can) times of the year here in the New River Valley. September has NOT been nice to the stock market, however – there's no secret there, we've passed a bill with economic implications that are really beyond comprehension to try and stabilize it, and oh yea, there's a presidential election going on as well. Wondering how it all effects housing? My best guesses here, here, here and here. As I said last month however: "a slow, steady and calculated approach
to the market is going to be important as we move forward towards 2009."
"a slow, steady and calculated approach
When it comes to absorption rates, we're looking at how long it would take to sell the existing
residential inventory in a particular area, if nothing else came on the
market until supply was exhausted. Anything over 5 months is typically
a buyers' market, and anything less than 5 months is typically a
|Area||# of Active Properties||# of Sold Properties
|| Absorption Rate
|| Buyer/Seller Market
|Montgomery County||68||8||8.50 Months||Buyer|
|Floyd County||127||2||63.50 Months||Buyer|
|Giles County||60||8||7.50 Months||Buyer|
A full and complete shift into a buyers' market through September, which again is no surprise, it's part of the cycle. Certainly, news from Wall Street and an election are playing into this, as well as just the typical slow down that happens every year about this time. I was asked on Monday if I was worried about my job. Let me be clear … NO. People are going to buy and sell during turbulent times. The market will be different, it will be rocky at times, but if I know how to navigate it and put the pieces in place, it all works out in the end. Let me repeat – a slow, steady and calculated approach
to the market is going to be important as we move forward towards 2009.
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