Art in the streets....
Scenes from the Carmel, Indiana International Arts Festival 9.22.07.
The festival started Saturday morning with a Chinese Dragon Dance and parade. Over 200 vendors exhibited and sold their art from paintings to sculpture. There were musical stages and great food served througout the weekend. This was the festival's 10th year and 2nd since moving back into Carmel's Arts and Design District.
Random thoughts for the week actually related to the real estate business....
The Interest Rate cut has NOT yet helped everyday mortgage rates to a significant degree. The short explanation is that there are far too many other factors pushing rates up right now for it to help. If inflation stays in check, look for another potential 1/4 point rate cut next month when the Fed meets again.
Indianapolis August Home Sales stats are in.....and it's not good news. The 11 county metropolitan area sales were down over 18% with Hamilton County getting hit the hardest with a 21% drop from a year ago. Prices have moderated and it is a great time for someone looking in the long term to make a tremendous purchase.
Nationally the numbers aren't as statistically bleak but still very disconcerting. New-homes sales tumbled in August to the lowest level in seven years, a stark sign that the credit crunch is aggravating an already painful housing slump. Sales of new homes dropped by 8.3 percent in August from July, the Commerce Department reported Thursday, driving down sales to a seasonally adjusted annual rate of 795,000 units. That was the lowest level since June 2000, when sales clocked in at a pace of 793,000.
Covering old ground but....IF YOU ARE A HOME SELLER you must ask yourself two critical questions:
1) Do I have the motivation to sell? Are you willing to moderate your price to meet the demand of the market?
2) Am I willing to recognize the equity I'll be building on my new home as a result of the slow market? Those moving up now should see great value growth in their new purchase as a result of buying in a challenged market.
As always you can email me with questions at GREG@GREGCOOPER.COM or call me @ 317-848-GREG (4734).