Did you read the Sun Paper today? There was a great article on the front page about the positive effect hat the increased inventory in the $250,000 is having on the market. Didn't see it? Well, what are you waiting for?
Here is the short story of why this is positive news for Patterson Park: If you read my monthly Patterson Park Real Estate Newsletter, you've probably noticed loads of houses in the under-$250,000 available in our neighborhood. While this may make some of you cringe when you think of what you bought your house for a few years ago (believe me I feel your pain), it's a good thing for our long-term growth. With these lower prices coupled with the $8,000 tax credit, lots of first-time buyers, previously unable to afford to buy, are moving out of rentals and in to homes of their own at a much higher rate than several years ago. In fact, it seems that first-time home buyers currently comprise a majority of buyers.
The effect of this is two fold: First, it will start to clear the high housing inventory, which will in turn stabilize the market and stimulate prices in the future (remember the whole supply and demand concept from Econ 101?). Second, when first-time buyers can purchase starter homes, it enables those sellers to purchase move-up homes of their own, starting a chain reaction that jump-starts the housing market.
Patterson Park's inventory is right in the pricing-point sweet spot right now for first-time buyers. Now's the time to brag about our neighborhood to your friends who are on the fence about buying, or give it some thought for yourself. We live in extraordinary times, friends, so make the most of them and keep a positive outlook.
love k
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