Ramesh Nyberg's Real Estate Blog

If you've been reading this blog, you know I like to mention home sales data here, because it is the driving force behind how the housing market behaves. How important is that? I think we can safely say that the housing market is in large part responsible for the domino effect that has plunged our economy into this grim state it is in.

I've been following the home sales in Miami-Dade (single family homes only) and for the most part, we have seen a steady increase in sales since last December. The numbers dropped slightly in November, but this is pretty normal for this time of year, when people switch their attention to the holidays. What is very pleasantly surprising is that inventory (unsold homes) also dropped--significantly, for the second straight month. That's the first time we have seen that happen in well over a year.

You can check the charts yourself, by clicking "$ales by the Numbers" on the link column to the left. I've got the sales stats for Miami-Dade, Pinecrest, and Palmetto Bay there.

This morning, I was on the radio with my buddies from Circle Mortgage. They do a great show on real estate on Sunday mornings, 8-9am, on WFTL 850am radio. (to call the show, call 1-877-850-8585).
We talked about how low interest rates are, and how playing a waiting game with buying is a losing proposition. I see people do this alot. Besides risking paying a higher interest rate, the home you really want might get scooped up by the time you are "ready" to buy. Not every listing sits on the market forever, especially if you are talking about a dramatically priced foreclosure. Those are getting sold at a pretty brisk pace.

And don't forget, if you are a first time home buyer, the federal government is giving you a $7500 tax credit, but you have to close by July 1, 2009.

More good news, my Dolphins are 9-5 and might even land a playoff spot. Pretty amazing, when you consider that they were the laughing stock of the league last year. Proof positive that things can turn around.