There is no doubt in anyone's mind that the real estate market is changing. For those of us in this industry, we HAVE to keep an eye on things in our areas or else we'll fall behind as buyers seek out more knowledgeable agents. So, I ask you, What is the market doing in your area right now? Is there typical seasonal slowing, an abundance of foreclosures hitting the market, or going along as usual? Is it a buyers or sellers market? Are there any unusual trends you are seeing? 

 I believe for us to get a truly accurate picture of what the housing market is doing (and not just the numbers put out by NAR or government authorities, who all have a reason to "spin" things and are therefore not unbiased), we need to hear from the front-lines, from those of us who either survive the vagaries of the market, or who give up and find jobs at Wal-Mart...

In my area, South-central Missouri, it has slowed some. We typically see a slow-down before school starts, then it picks up before winter hits. This year, we just aren't seeing that "rebound" we have always counted on. I have talked to a few buyers who have decided to postpone buying a home until they "are sure what the economy is doing." Sellers have made the decision to either pull their home off the market, or not get it listed yet, due to fears of more economic problems in the near future. As one seller told me, "I can afford my payments on this house, and have equity, but I'm afraid if we buy our dream house now, it will just turn into a nightmare within a few years."

Because the economy in our area has always been a little behind that of most of the nation, we aren't affected by some of the changes as quickly as some areas are. Some of the housing prices have come down a little (less than 5%), and oddly, the average days on market has dropped, too, over what it was a year ago. I sell mainly foreclosures, so that end of the business is starting to pick up. Investors and cash buyers are out in droves just looking for those bargains, and it seems like the banks are starting to lower prices and accept lower offers more quickly than I have seen in the past. All-in-all, from my perspective, there are obvious changes going on, but nothing major and profound here. Yet.

So what's going on in your neck o' the woods???