These days everyone is asking, “What‘s happening in the Springfield real estate market”. The answer is, “A lot is happening!”
Throughout 2008 sellers continued to lower their asking price. Those sellers who needed to sell quickly learned that price was the most important factor to selling their home. The low prices were an encouragement to home buyers and we continued to sell homes although not to the degree as years prior.
Then a big turn in the market came in December of 2008 when interest rates began to fall. We saw a few things happen in a short period of time. Interest rates dropped to the lowest in years, a new President took office and a new first time home buyer tax credit of $8,000 was put into place. The combination of those three things kicked the Springfield market into full swing.
Currently in Springfield the inventory is low. I don’t think word has gotten out to sellers that the market is good again! The low interest rates are keeping buyers in the market for a new home. Simple supply and demand tells us that when inventory is down and buyers are buying, prices stabilize!
We anticipate throughout 2009 that home prices will continue to stabilize. This will bring more buyers and sellers together creating a strong real estate market. That’s great news for our economy!
Most importantly, this is a great time to buy a home with the low interest rates. It’s also a great time to sell a home, because currently buyers are in the market actively looking for new homes.
