Wow has the market changed over the last few months. Time to look for opportunity! We read it in the paper, we hear about it on the news, but from “the trenches”, I can tell you what I’m seeing here in Cornell.
Buying prices are 8% – 10% lower than they were in the summer. Mortgage interest rates seem to be dropping every other week. First time home-buyers are seeing the opportunity and going for it! We’re seeing movement in the sub $350k market.
We’re not seeing as much movement in the $500k+ market, and I really think this is a missed opportunity for people who are outgrowing their first homes. Yes, their home might sell for less today than it would have a year ago, but they’ll also pay proportionately less today than they would have a year ago for that larger home. There are some great deals in the 3000 sq ft range available in Cornell right now, and I happen to know of a couple of others that may be on the market in early 2009. Ping me if you want more info!
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