Third Quarter 2010 Cabot Arkansas home sales
This year has been an interesting year in Cabot for real estate. The year started off strong with good numbers in sales and the local inventory shrinking. After the end of April the tax credit expired and buyers stopped buying. Through April the number of sold Cabot homes was on track to beat the number of sold home last year. Since the end of April, sales have slumped and inventories have increased.
Below is a look at the number of sold homes in Cabot AR from Jan. 1 to Sept. 30 of this year and the previous four years.
Jan.1-Sept.30 2010 602
Jan.1-Sept.30 2009 703
Jan.1-Sept.30 2008 691
Jan.1-Sept.30 2007 796
Jan.1-Sept.30 2006 844
As you can see, we are down almost 15% this year compared to last year. I am not even going to figure how far we are down compared to 2006 and 2007. Slower sales normally relate to a higher inventory of homes on the market and longer market times. Longer market times relate to lower home values.
I normally try to keep my opinions out of these posts, but I am going to mention something after looking at these numbers. Whoever the geniuses are that say we are out of the recession are full of it. Maybe the numbers show we are out of it, but the American people are obviously not feeling it. People are afraid to spend right now. Their is no certainty in the future of our country. Nobody knows if we are going to spend another trillion more into debt, if taxes are going to be raised, etc. When people are not sure of the economy they save their money and do not spend it. When citizens do not spend money the manufacturers do not make as many goods and people get laid off. Our leaders in Washington have to restore faith in this country. When consumer confidence goes up, people will begin to spend again.
What do I know though. Now that I am off of my soap box, I want to mention to people wanting to buy a home in Little Rock to check out www.homesinlittlerock.net. It is our new website that is tailored to help people looking to buy in the Little Rock area.
The market is down and I would not recommend selling unless you have to. I would however recommend buying right now if you are comfortable with your finances. I would really look hard at foreclosures right now. There are some great deals out there. Be sure to request a list of foreclosures at www.cabot4sale.com if you are interested.