The State of Milan's Real Estate Market

For the first quarter of 2006 real estate sales of single family homes kept pace with last year's first quarter. But the inventory of listings is rising at a faster pace than sales, resulting in a 14-month-supply of houses on the market at this time. Mortgage rates are still fantastically low, so much so that with these rates, and the price reductions we've seen here, I'm surprised homes aren't selling at a faster pace. Move-up buyers, first-time buyers, and investors should be out in droves looking to buy right now. In a year or two I expect to hear a lot of, "Why didn't we buy in 2006 when rates were low and there were such good buys out there?" Some builders are offering amazing incentives today, such as, "Live in your new home for free for the first 6 months - no mortgage payments, no association fees." Individual Sellers are also getting creative with incentives to try and push their home sale ahead of others.

Call us if you want to explore either buying or selling. We keep abreast of the market conditions and help with wise decisions. We have a toll free number, 800-923-3245.