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Tom Kunz of Century 21 Real Estate:  Market Outlook

I think this Q & A has to be taken with a grain of salt, since Tom Kunz is chief executive of Century 21 Real Estate, but he offers some insight into the real estate market based on years of experience. 

The other issue is inflation, and the cost of oil, which trickles down into all aspects of the market.  I think we still need to see how the cost of gas affects the United States economy, and the drag that all of the foreclosures and credit defaults will affect the economy in the coming months. 

Here's what I culled from the interview but you can read the entire article at Forbes.

  • Numbers you hear in the media from the NAR or NAH about the state of the real estate market are 30-45 days old
  • The unemployment rate is still low, around 5%, people who want to work can find jobs
  • People are still getting wage increases
  • Interest rates are in the mid range and single digits (can't imagine how it was when rates were at 16% to 18% I believe in the 1970s, we've still got it good)
  • People move because of life events, birth, death, marriage, job loss, job promotion, and so forth
  • Property will sell right now if it's at the right price, the price
    that other properties are selling for in the marketplace (pretty obvious, just depends upon how badly you need to sell)
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