Is it Halloween or Thanksgiving?
In my 30 years of real estate I can’t think of a time when I’ve heard this much doom and gloom. One would think it’s Halloween with its scary theme.
I believe it’s simply a classic “half empty vs. half full” glass mentality. Take for example South Dakota, in general, and the Sioux Falls area, specifically. South Dakota is ranked number 47th in mortgage delinquencies, only one-tenth of one percent of all homeowners are in foreclosure! Sioux Falls foreclosures are up just one percent over 2007. Does this match up with what we hear and read from the media?
Perhaps it’s time we start looking at reality instead of what someone wants us to believe. This is not to say other parts of the United States and world aren’t in trouble and maybe some of the problems will filter into our area, but it does make one wonder just how much it can really affect us here.
Sioux Falls and South Dakota has done well because of our traditional conservative philosophy. The state has a balanced budget, and so does the city. We have a very diverse economic system with most major industries represented. Health care in particular has a rock solid foundation and a great future ahead of it. Unemployment is still less than 3% and a population growth of 2.2%.
What we need as members of this city and state is confidence. Listening to national news as it grapples with financial policy can only be frustrating and frightening.
Counting our blessings and taking inventory of what we have can give us a level of gratitude that will far exceed the fear of future unknowns. This is a country of survivors and ingenuity. We will work it out, in the meantime life goes on – make the most of it.
Happy Thanksgiving!
Tony Ratchford
Real Estate Broker, CRS, ABR, SRES
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The following information was obtained through Realtors Association of the Sioux Empire. It does not include private sales outside the system, and reflects residential activity for the past two weeks ending 11/15/08. Updates will be bi-monthly.
| |
Sioux Falls
|
Total Area |
|
Oct 16-31
|
Nov 1-15
|
Oct 16-31
|
Nov 1-15
|
| Active Number of Listings |
1119 |
1127 |
1909 |
1910 |
| New Listings added this period |
167 |
116 |
251 |
205 |
| Number of Pending Sales (not closed) |
86 |
59 |
137 |
102 |
| Number of Sold (closed) |
113 |
67 |
153 |
112 |
| Number of Homes Off Market (Inactive) |
102 |
88 |
178 |
188 |
Market Comments: The financial turmoil, coupled with the bailout and political rhetoric has put many in a holding pattern. Anger and anxiety has overcome our rational and logical behavior.
Forecast: The political season and financial turmoil will pass soon and we can all go back to our normal lives. We'll realize the sky didn't fall, nor will it, we'll see our economy is more resilient than we heard. We'll also realize real estate ownership is a great idea, especially if it's paid for.