It comes as no surprise that January 2009 is off to a slow home sale start in Louisville Kentucky. The number of homes under contract in January 2009 was down 30 % from 1 year ago. The number of homes that actually closed in January 2009 was down 34% from the same period in 2008.
My wife Norine and I have actually been busy showing property but many buyers are waiting for a sign it’s time to buy. Let’s face it many home buyers believe the best time to buy a house is when the market hits bottom. That’s a great plan but it has one very important problem, when do you know when home prices have bottomed out? The answer naturally is when prices start to go up. For most buyers (unless you’re physic) you’ll have already missed the bottom when you decide it’s time to buy.
That’s where watching the media will come in handy. Over the next few months keep a very close eye on reports throughout the United Stated where there are reports of increases in home sales. We’re already starting to see positive reports pop up. You can check for yourself by doing a Google search with terms like “home sales increase”. Look for current stories written in the past 2 months. I personally believe we’ll start to see national media reports connecting the different stories within a month or two. Now that we have a new administration in place and there’s talk of a smart bailout that will include real incentives for homebuyers, most of the local and national media will be looking for positive stories to attribute to our new administration.
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