Its hard to ignore the volatility in the stock market recently. The financial crisis recently noted in European nations has been felt nationally & locally. This appears to have an unsettling affect on the real estate market, both nationally and locally. The financial crisis recently noted in European nations has been felt nationally and locally. Along with the stock market, I pay attention daily to market sentiment. I am talking to market participants, brokers and lenders daily. I have not heard a lot of fluffy comments lately, which leads me to believe that the real estate market both nationally and locally have not changed much in the past quarter and since January 1, 2010.
How does all this relate to real estate in Teton County? First, depending whether your a buyer or seller, information is more readily available then in the past. Knowing what to look for will likely give you a clearer picture of the true market conditions, and how to act or react. When buying or selling real estate, gather all the facts regarding number of sales in your market segment in the past 12 months, current inventory, absorption and days on market is step one. Then go look at the recent sales, the more recent the better. Also, look at the active listings and pending sales. What were the most recent listing prices of the pending sales. See if there was a catalyst that triggered someone to make an offer.
Another factor which is huge in this market is the low prevailing interest rates to qualified buyers. Meet with a local lender and find out whether they can back your dreams. Some lender’s have the ability to finance property types others can not. Its important to know that your lender can perform. I like knowing I can make a phone call to a local lender, as opposed to some customer service center in who knows where.
Low prices and low interest rates are currently aligned. For how long they will both be at these levels is anyones guess. Opportunities currently exist for both buyers and sellers.
Happy 4th of July.