Monday morning coffee, Joe Sabelhaus
Hello All,
Kentucky Derby Version…
Kentucky Derby Version…
And off they go…. Heading into the first turn it is “Gen Y” (47% of all purchasers in 2009 were first time home buyers and it is expected to be 52% this year) Followed by “Miss Independent” (21% of all purchasers in 2009 were single women) In third it is “LLC” (investors are grabbing up foreclosures faster than the judge can hit the gavel) in fourth it is “Shadow Inventory” (move up buyers who purchased prior to 2003 and can see the value in the 450K to 650K price range) and bringing up the rear it is “Aunt Bee” (more about Seniors in the next bit but I am not getting my SRES just yet). And down the stretch they come… It is “Miss independent” Followed by ” Gen Y” “Shadow Inventory” “LLC” and falling well off the pace is “Aunt Bee” and at the wire the winner is “US”. We have 5 weeks left before buyers need to be under contract for the credit and it is starting to become very competitive out there in certain price ranges and it might get ugly… we also need to focus on who are clients are going to be in the future.
There was an interesting article in the Post this week about population growth. According to the article we are the fastest growing area on the east coast and Washington DC area population grew by 180K in the last two years. They gave two reasons for this, first people are flocking to the area for jobs because we are doing a whole lot better than the rest of the country in that area and second was the places where seniors typically move too, Florida, Vegas… are so damaged that they are holding put, sorry “Aunt Bee”. I really believe this trend of growth is going to continue and become even stronger over the next couple of years which again makes the winner “us”.
Joe Sabelhaus
RE/MAX TOWN CENTER
301-540-2232