The time has now come for the regular “changing of the guards” over at the National Association of Realtors (NAR) and yesterday's press release entitled “Third-Quarter Metro Home Prices & State Sales Confirm Market Transition” makes the new leadership official.
Within the release, Pat Vredevoogd Combs, the new NAR President who replaces the outgoing Thomas M. Stevens, states:
“With the supply of homes at the highest level in over a decade and historically low mortgage interest rates, it’s become a great time to buy a home,... This window of opportunity will continue into the new year, but inventories are starting to decline and sellers will be less willing to negotiate when conditions begin to balance in most areas around early spring.”
The release went on to show that, as of the third quarter of 2006, 39 states are showing year over year declines in sales with 20 states showing over 10% declines and 9 states showing over 20% declines.
Additionally, every major region in the United States is now showing a decline to the median price for an existing single family home with some metro regions already registering a 5-10% price drop and a record 45 metro regions overall going negative.
So as it seems, not a beat was be missed during the transition between administrations and President Pat Combs appears very well suited to continue NAR's campaign.
At least outgoing President Thomas Stevens will now have all the spare time he needs to devote to the business of selling his Great Falls, Virginia home which today welcomes it's 417th day on the market STILL without a single price reduction.
So lets take this moment to remember and bid former President Stevens a fond farewell and welcome the new President Pat Vredevoogd Combs.
She will surely face an interesting an exciting year ahead.