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Wake Up And Smell The Coffee!

By Judi Desiderio, Wednesday, December 28, 2011
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new IC sign In reviewing our Town and Country Monthly Reports in preparation for the year’s end, it became instantly apparent that this November & December are the busiest we have seen here on the East End in many years! All 8 T&C offices showed a spike in O&A’s (offer & acceptances). These O&A’s are a result of late season appointments. The activity seems to be broadly noted across the various markets and price ranges. Could this be because the weather has been so mild? While that does help, I’m sure it’s not the primary reason! Could it be because our fall selling season (which begins second week in August and runs until Halloween) was annihilated largely due to the stock market’s August whiplash (down 300 up 200, down 400 up 200–you remember?) Could it be all the media chatter about a double dip back in the summer scared most people to the point of paralysis? Could it be the pent up demand that has been in the making for 3 years? Or could it be the undeniable statistics that surround the housing market? Now there’s the meat! In our T&C blog there were several postings quoting siginificant statistics, such as December 20th when the November numbers came out showing foreclosure related filings in Suffolk County were down 82.5% from the prior year same month and down 30% from October this year. On October 27 our BLOG was about the US Commerce Department’s New Home Sales Report posting a 5.7% gain in September. The National Home Builders Reports show each new home creates 3 jobs for a year and generates $90,000 in taxes! The T&C BLOG went on to discuss the Standard & Poor’s/Case-Shiller Index which showed August Home Sales up in 10 of the 20 cities monitored for the 6th straight month! And back on October 18th, I blogged about Jack Hough’s article in the Wall Street Journal titled “It’s Time To Buy That House”…a clear evaluation on many levels quoting important statistics such as the National Association of Realtors Housing Affordability Index—which I discussed in several prior blogs.

So when I peruse our monthly reports and discuss my findings with the Partners and Board of Directors, it becomes clear this recovery has legs!

In conclusion, the news helps to build a foundation of much needed comfort, but in the end, the mild weather can only help!