New Home InventoryWednesday, February 23rd, 2011
On Friday February 18, 2011 the Wallstreet Journal had an article that stated that the inventory of new homes is now 190,000 nationwide, the lowest since January, 1968. The article admitted that there is still an ample supply given the sales rate but points out that several regions of the country are getting low on the number of new homes for sale.
In the Grove, Oklahoma and Grand Lake real estate market we have not seen widespread foreclosures of homes. New home builders have however slowed down to near nothing on the building on new homes. We have had an oversupply of resale homes the past two years but we are gradually working this supply down. One of these days we are going to wake up and be short on homes to pick from. The area remains a favorite for retirees and second home buyers. For a February on the lake market we have been very busy with calls and internet activity. People coming to look at homes are also picking up. We feel like this spring will see a much more active real estate market than the past couple of years.
Interest rates are also ticking up a bit. If you have been thinking about buying a second home on Grand Lake or putting off buying that retirement home, I would start to move my plans up. Now is when the best selection will be found and the interest rates are still very favorable. Something to think about.