National Coverage of Our Local Market

Thanks to Bill Wilson at the Eagle for pointing this out in his blog. On Tuesday, February 24th, the USA Today had an article on the Wichita real estate market. It appears to be a true picture of where we are right now. Sales have slowed considerably but inventories remain low and prices are firm. Sales have slowed as buyers and sellers digest the current housing market. The credit crisis last fall created the first big concern. More recently layoffs in the local job market and uncertainty about the new administration stimulus plan has impacted consumer confidence. People are taking a wait and see attitude. As the article points out, since we have not had the big real estate bubble other communities have seen, sellers are not being forced to sell. Consequently, would be sellers are standing on the side lines with would be buyers.

When consumer confidence returns so will the real estate activity. In the mean time, be thankful we live in a relatively stable market.

Visit me at www.ToddFox.net to learn more.

Real Activity Driving Stimulus May Be on the Way

An AP story in this mornings Wichita Eagle indicates that finally some one may be addressing the one of the root causes of our current economic pickle - the housing market. Many experts believe we need to stop the declining home prices and clear out the excess home inventory before any true recovering can take place. But people are afraid to act because of all the uncertainty. The solution to the housing problem up to this point has largely been let's wait until prices fall far enough and then investors and opportunistic consumers will step in and start buying. Meanwhile the government has come up with all kind of other ideas to throw money at the problem in hope of creating stimulus.

No truly meaningful stimulus is going to take place until individuals begin to make self-serving decisions that lead to economic activity in hopes of putting their family in a better situation. The article above talks about a new proposal in the stimulus package that will grant a one time $15,000 tax CREDIT for any one that wants to buy a home. I'm ready to go home, round up my tools and finish up some of those home improvement project so I can put my house on the market and move into something different. Folks, that is stimulus.

I know, your saying "but your a self serving Realtor". I say that's a home owner and a family decision. Don't take my work for it. See how Jim Kramer from CNBC's Mad Money thinks we should fix the problem.