A normal year

The housing market continues to move at a fast pace, especially in this area. 2006 is expected to be a more normal year in real estate, however. Here's what the National Association of Realtors has to say about it (from Realtor Magazine):
The key word for the housing market in 2006 is balance, with a return to a more normal rate of price growth, according to the NATIONAL ASSOCIATION OF REALTORS®.David Lereah, NAR’s chief economist, says current trends in the housing sector are healthy. “We don’t need to break a record every year for the housing market to be good—in fact, cooling sales are necessary for the long-term health of this vital sector,” Lereah says. “A modest slowdown in home sales, coupled with improvements in housing inventory, means the market is in the process of normalization. That will help to bring balance between home buyers and sellers, yet sales will remain historically strong.”After setting a fifth consecutive annual record, projected to be 7.10 million units for 2005, existing-home sales are forecast to ease by 4.4 percent to 6.79 million this year, which would be the second highest on record. New-home sales, which should be a record 1.29 million for 2005, are expected to decline 6.0 percent to 1.21 million in 2006—that also would be the second best year in history. Total housing starts for 2005 are seen at 2.07 million units—the highest since setting a record 1972—with a 6.6 percent slowing to 1.94 million this year.

This is what I've been saying for a while now. The market is becoming more balanced. It's important for both buyers and sellers to understand that. What that means if you're a buyer, if you see a house you like, make an offer. If you're a seller, if you get an offer on your home, negoiate the price it it's not what you want. If your house has been on the market 60 days and you don't have an offer, the market is speaking to you by its silence. I've heard of houses being on the market for more than six months and an offer finally comes in and the seller is upset because the offer was $25,000 less than he wanted. This would be a prime example of a seller being so out of touch with the market that he is willing to let his house sit for months just to get the price. And he didn't even want to counter the offer. If I were that seller's Realtor, I'd fire him.
Saw a $2 million house yesterday. Tuesday is the day that Realtors go on house tours so we get to see all kinds of houses. I'm usually looking for specific clients but sometimes I just look to see what's out there. I wanted to see what a $2 million house looked like. This one hceilingsot cielings. It was hugh! That's really all I can say about it though because I wasn't very impressed. The monthly mortgage on that house is $14,000. If you're interested in buying it, call me. Also saw Chef Geoff's house in Georgetown. He's selling it and his mother is the agent. It's a beautiful home, very well decorated. It's over a million.
My website's up and ready. I'm still adding stuff to it but here's the address: www.angelajonesrealestate.com. Check it out and let me know what you think and what you'd like me to add to it. That's it for today. Enjoy your day.