Fritz Pfister

Another interesting week in Springfield Illinois. There was good news this week folks. Interest rates continued to fall creating a refinance boom making lenders, title companies, and appraisers lush with new business. Not so much for Realtors, however Realtors can take heart in knowing that the slowest year in home sales since 2001 is about to end with a new year brimming with opportunity only a few weeks away.

Oh yes the other good news this week, governor Rod Blagojevich was arrested on corruption charges. While Illinois became the focal point of the nation this week countless state leaders defined the arrest as a sad day for Illinois. I would beg to differ. I believe the people of Springfield celebrated like the munchkins after Dorothy’s house fell on the witch.

The celebration may be a bit premature until the governor either resigns, or is impeached because there is plenty of time for the governor to inflict more harm upon the people of Springfield, and Illinois. Regardless, hope abounds that the state can now lick its’ wounds, heal, and move forward toward legitimate, honest governance.

Under new leadership the state can hopefully avoid the imminent financial collapse brought on by the Blagojevich administration. A return to sound financial footing will pave the way to economic recovery, and an improved housing market. Be patient, this will take time. The pall cast upon this state is about to be lifted.

Yes the local market is in the midst of a real estate slowdown. The number of closed home sales is down 12.6% for the year to 3372 from 3860 one year ago. The 238 home listings sold pending today, down 23% compared to the 309 one year ago, are the fewest on this date in five years. The 1821 homes listed for sale is a record for this date. But there are encouraging signs within the market.

There is pent up demand building that just may cut loose with thirty year mortgage rates falling to 5% for only the second time since the 1960’s. The key however will be jobs. It is a common occurrence in my daily work to hear; Fritz they love your listing, and they would buy it today, if their home was sold. Only new jobs can break the cycle of simply trading places.

The people of Springfield may not lose the IDOT department of traffic safety our corrupt governor wants to move out of political revenge. That’s a beginning. The Lt. Governor says that move will be reviewed, along with the closures of historical sites, and state parks. Springfield can only benefit from new leadership in 2009 when Blagojevich is removed from office, and Emil Jones his enabler has retired. Perhaps state government will be returned to its’ rightful place, Springfield, along with the estimated 1700 jobs moved to Chicago for the Chicago Democratic machine to staff.

All is not sunshine. The state, and city are both on the verge of financial collapse. There are going to be some painful days ahead as we work our way out of this mess. One can only pray we will get leadership that truly cares about Illinois, and the people of Illinois. Not the photo op phony care on the surface, while underneath the treasury is raided, the corrupt are enriched, and our character sullied.

Two weeks from today I will post my predictions for the Springfield Illinois housing market. I am grateful that the Blagojevich arrest occurred when it did, because that will make it easier to predict. I won’t have to guess what Blagojevich will do in 2009 to further harm the housing market and economy. In my opinion the bottom may have been reached, in more way than one, the week of December 8, 2008.

Make this a Great week from Fritz and Kristie Pfister, and The Pfister Success Team of RE/MAX Professionals Springfield. Don’t forget to register for the free no obligation Home Seller Seminar coming this January15. Unlike years past, reservations are required and are limited to the first 50. First come first served. Call us at 652-7653 to reserve your seat. God Bless you all, and Merry Christmas.