This week our listings saw an average of two each.   The recent buyer shortage continues and across the board there is not a lot of contract activity.   In doing my weekly status reports for each of my listings I only saw  two homes in any of the neighbors that we currently serve go under contract this week.

Our marketing efforts continue to push ahead full force in an attempt to beat the slow market.   Many of you know that I am coached by the largest real estate coaching company in North America.   The members of this group average 6 times the production of the average member of the National Associaton of Realtors.   I had my monthly meeting with the local members of that organization this week.   Sitting amongst a group of 10 of the most productive agents in our market, we discussed the status of the market.   The consensus was unanimous that the agressively priced homes were the only ones selling right now.   Additionally, there was agreement that the first time buyer market is still selling fairly well, but the market from about $250,000 and up was really slow.

Many of you as listing clients have recently reduced prices, significantly increasing your chance of finding a faster sale.   I continue to believe that we will see a Charlotte rebound in the not too distant future.   Unfortunately, at this point in the year it is not likely that we’ll see a drastic turn around until after the first of the year.     The fundamental housing indicators  in Charlotte are still strong, however the national market reports tell a different story.   Buyer confidence is playing a large role in the slowdown here in Charlotte.

Some positive news did come from national association of Realtors chief economist, Lawrence Yun, this week.   He released the following market about an expected rebound in the real estate market for 2008.   Check out his article here:   Mortgage Market Improves

The good side of all this is that it has truly become an excellent market for buyers.   Those who are brave enough to have faith in the fundamentals of real estate investing  would be wise to buy rental property right now.   Interest rates are low for those with good credit, but mortgages are harder to secure for those  with  less than desirable credit.   This means that the rental market is sure to improve.   Its a great market for investors right now.