In a conversation with a broker the other night, it came to mind that the market today, actually has shorter Days on Market (DOM) than back in 1990-1991 when interests rates were significantly higher than they are today.
To prove whether memory served correctly, I've dug up old MLS books from New Castle County for the 1990-1991 era for DOM statistics to compare to today. You'll notice that with the change in technology and measurement capabilities, I have data for 6 month time periods for '90-'91 versus monthly data for 2008, however, the point is proven.
I've also included data from our mortgage consultant (Jason) showing the significant difference in interest rates between the two time periods.
The point is - the market is slower, and it slowed down faster this time, however, in some ways it's still not as bad as it has been in the past, and we recovered then.
Just food for positive thought.
Have a great day,
Mary
Comments