The results of a recent homeownership study are in and there's one trend in the way American's think about the real estate market that stands out. "Nearly half of all home buyers (44%) believe the housing market will improve once the new President takes office in January, 2009."
The study reveals a changing tide in public opinion. Despite some confusion about changing mortgage rules and the typical anxiety about making a big purchase, most buyers express an evenhanded sensibility about the market and are willing to make trade-offs in order to buy the house that meets their lifestyle needs.
In Cambridge, it looks like many buyers have realized that oversimplified forecasts of real estate doom and gloom just don't jive with what's happening here. The result is that buyers are taking action, particularly in the first-time buyer price point of $200,000 to $500,000. Each month since January, the number of properties purchased has increasingly surpassed the number of new offerings. The cumulative effect is that, in Cambridge, we just don't have enough inventory and it's not at all uncommon to see a property under contract in just a few days and after a heated bidding war. Imagine that!