It's an interesting time we are in. July is often a slow time of the year but it has been unusually busy. There is a lot of activity going on and it could be attributed to the low interest rates, competitive prices and the first-time home buyer tax credit. Most of my listings have had a revolving door; it's an inconvenience for my sellers sometimes but a great problem to have right now.

I am often asked, "How the market is, or how business is? Do you think we’ve hit the bottom?” And so on. I wish I had a crystal ball to offer advice to people. But I do tell them this:

1. If you are a buyer you- the interest rates will only be this low for so long. The tax credit deadline (you need to close by) November 30th, 2009. If you are watching to see how low the prices will go, by the time we realize we hit the bottom we will be on the other side of it. 

2. If you are a seller and you are struggling to make your monthly payments, you have exhausted all possibilities (refinance, loam modification, etc.) and your situation doesn’t seem to be getting better you still have options. You need to stay in contact with the mortgage company and team up with a Realtor who can not only market and sell your home for the most money (this market will allow), in the shortest amount of time, and who has the skills and ability to negotiate with the lender(s) to accept a short sale and try to get you the best terms. The longer you wait the less the home could be worth, depending on how fast your market is declining, which means the less you can net the bank. Let’s face it; all the bank cares about is their bottom line. If they don’t have an incentive to accept the short sale (netting more money than a foreclosure) it will make it hard to approve it and not just let it go through foreclosure.

3. If you are a seller who does not have to move but you’re just throwing your line in the water to see if you will get a bite I would encourage you to do otherwise. This market is competitive; sellers are competing with foreclosures, short sales and the neighbor who HAS to sell. The gloves are off and if you aren’t serious about selling you will only end up frustrated and your lives will be unnecessarily inconvenience. Am I saying you can’t sell if you don’t have to? No, there are many sellers who are selling and taking advantage of the opportunity to upgrade or downsize. Your expectations have to be realistic. Speak with an agent who will tell you the truth and not what you want to hear. That makes all of the difference. According to Bernice Ross, a contributer to Inman News, "With the credit crunch and huge amount of competition from distressed properties, "normal sellers" have had a tough time getting their properties sold. If you must sell in this market, it's absolutely critical that you price your property right.
Pinpointing the best possible price for your home can be a challenge. If you overprice your property in today's market, it can stay on the market for months. If values in your area are declining, the longer you take to sell, the less money you will net."

Whether you are a nervous first-time home buyer, one of the many who are facing financial crisis or are in transition and need to make we will continue solving client’s needs no matter how bad the market gets.