How stable is our local housing market?

How stable is our local housing market?
By: Holly Brantley
There's a growing number of newly built homes sitting empty across the country. But, just because it's happening in other markets, that doesn't mean you'll get a bargain on your dream home.

In fact, builders say our local market is stable, and as temperatures begin to swing upward, so do home sales. So, don't expect new construction to last long. But, some contractors say the future of the housing market is never easy to predict. "I think people are mistaken if they think there's a housing bubble here because really there is not," said Amelia Mansfield of Midwest Construction.

Martha Hamilton of Prudential Bridgeport Realty agrees, "In Southeast Missouri we don't generally have booms," said Hamilton. "Our economy here is so stable. So, we don't generally have busts either."
Mike Annis of Annis Construction says building costs are high, and he wouldn't mind seeing homes sell faster. But, still he says the market in Cape Girardeau County is pretty good. "I don't see it doomed," Annis said. "I just plan to feel out the market before I do anything. I advise anyone else to do the same."
Stacy Mansfield agrees, it's all about finding the target Market. Mansfield is with Midwest Construction. "It's a good time to buy," said Mansfield. "Everybody's got Spring fever, and sales are starting to pop."
Realtor say the housing slump mainly affects the east and west coasts. "Nationally there is a glutton on houses," said Hamilton. "We have a good selection, but we're not over burdened with a huge supply."
Meanwhile, builders like Mike Annis remain optimistic about the future. He's currently building in six subdivisions. "I don't see gloom and doom. There's no one that can predict the future," said Annis.
Right now, the future looks promising for contractors. Local builders say 75% of homes are sold between April and October. But, buyers expect that to mean prices will go up as we head into the Summer. So, realtors advise shopping soon.