MARCH MADNESS

Hi Again! Hope everyone is enjoying the warm weather tease we are having this week, of course next week for St. Patty's day the temperatures are going back down into the middle 40's. Our economy seems to want to firm up and take hold, but there are still many on the side lines waiting for the right chance to jump in. Here at Long and Foster in Ocean City we have seen triple the activity for showings, offers and settlements as of the second week of February until present. My investor clients are now asking me to identify the great value properties so they could pick up some bargains- this indicates to me the market has dropped enough to jump in and snatch up some low priced gems.

The confidence level still needs to grow and get stronger before we really take off, and that is not just for the housing industry. Every sector from autos to electronics has to see customers digging into their pockets and buying. This WILL happen! I hope that maybe even the weather will have an impact on spending, I know I feel up when the temperatures are agreeable and the sky is clear- what a great time to go out and spend.

Here is an article quote from the Washington Post, more and more authorities are saying this is thetime to buy.

Quote from Washington Post, March 2, 2009

By Robert J. Samuelson
Monday, March 2, 2009; Page A17

Here's a little-known fact: Housing may be more affordable now than at any recent time, thanks to lower prices and falling mortgage rates (now about 5 percent). The National Association of Realtors has an "affordability index" that estimates the family income needed to buy a median-price house, assuming a 20 percent down payment and monthly mortgage payments equal to 25 percent of income. Affordability is now the highest since the index's start in 1970.

Enjoy!