http://www.reuters.com/article/topNews/idUSN2754905920090527?feedType=RSS&feedName=topNews

As I suggested in my previous post, it appears buyers are buying the inventory which has been sitting on the market. Prices have fallen to a level where we're seeing an increase in existing home sales. Savannah Ga is experiencing an increase in existing home sales from all indications - I will try to put some statistics together in the next few days.

It's my belief the turn around in housing will be slow, but the best deals will go first. It shouldn't be too long before we see new home construction slowly recovering. This will create more jobs and more home sales, but it won't be overnight.

Be careful when you start looking for a home -- the trends have changed somewhat, and neighborhoods that seemed to be taking off before might not do so well as we get back to an active market -- a lot of it depends on if the development around these areas is completed as planned a few years ago. Call me for free consultation.

Inventory is being reduced, so building is way down. This is a good thing long term. There is no way to sustain a housing market like we had a few years ago, so now we're getting to realisitc activity and everyone involved has to adjust. It will likely be a long time before there is a housing bubble like the one we saw. This means less building, less agents, les loans, less of everything in housing -- but when we adjust, that will be the norm. Long term, this is a good thing.

We are quickly getting to the point where prices have adjusted and buyers are buying homes for the right reasons -- to live in them and be able to make the payments.

http://www.nytimes.com/2009/04/17/business/economy/17econ.html?partner=rss&emc=rss

I'll go out on a limb and say that the housing industry is hitting the bottom. People are buying the glut of houses, slowly, and I predict a rebound this year -- a slow rebound. However, if you're looking for a deal, it's my opinion that now is the time to get a good deal. Actually, if you made a deal two months ago, that was probably the best time. In Savannah Ga., it's highly unlikely that prices will fall 10%, yet I have worked with buyers who a month ago bought homes for 15% to 17% below the market value based on sells within the last four months before the transaction. This means they did well -- if i'm correct.

We'll know in about 6 months if I'm right or not. However, Trump agrees with me.

Every once in a while I like to remind buyers to get an agent before starting the home-search process -- not just any agent, but an experienced buyer agent. It will save you time, money and effort. Most people don't have the time to do all the necessary research to buy a home right, to find the best deal and to avoid complications. An experienced buyer agent can take the hassle out of home-buying, and the agent will be working for you, not the seller.

If you are unfamiliar with buyer agency, email me -- Mike@MikeFarmerRealty.com -- for a lengthy explanation and I will be glad, at no cost or obligation, to explain all the benefits. Not only will I work to give you the best information, I'll work with you as long as necessary to find the best deal -- and in Savannah, Ga. there are some good real estate deals. I just happen to think I'm the best buyer agent in Savannah, but I might be biased since I've known myself for so long -- but, seriously, I recommend me highly.

Update on Wednesday, April 15, 2009 at 12:39AM by Mike Farmer

I forgot to post a Laela Easter picture:

My granddaughter, Laela.