This week the Cororan Group released their current sales report. Their figures report an overall decline in all contracted sales of 35% since February 2008 -- it does give one "pause". Also during the last six months, only about 3% of all deals were "at" or above the asking price. In other words, deals are being done with negotiation and the asking price is rarely the contract of sale price anymore. Let those prices simply be a guideline.
This is a time where astute research will pay off for the buyer. Be aware of "like kind" properties in comparing what is being sold because there is a difference between a cooperative and a condominium sale to state the obvious. Ask your broker to present you with the hard facts and not suppositions. All brokers have access to the same information and it is all to work for the public good.
Personally I am not in support of the $8,000 tax rebate for first time buyers. I believe there has been more than enough incentive to get people out of their rental "digs" and into their first homes. I believe we need to focus on helping middle income earners who are small business owners or independent contractors who are all fighting for their financial lives right now. I'd love to hear what you have to say about it.
Thank you.
