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BERKLEY - MARKET REPORT DECEMBER 2008

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from December 1, 2008- December 31,2008.

Single Family Homes

Number of Homes on Market              37 (down 2 from last report)

Average Days on the Market             208 - up over 30 - YIKES!!!

Number of Homes U.A.G                     2

Average Price of U.A.G. Homes        $299,700

Number of Homes Sold                        2

Average Sold Price                         $250,000

                                                            ~$361,250 As of December 5, 2008
                                                           ~$259,125 As of November 2, 2008
                                                             ~$312,913 As of October 3, 2008
                                                             ~$435,000 As of September 3, 2008
                                                             ~$0           As of August 16, 2008
                                                             ~$334,250 As of July 9, 2008
                                                             ~$317,800  As of June 12, 2008
                                                             ~$418,333 As of May 1, 2008
                                                             ~$286,833  As of April 8, 2008
                                                             ~$180,000 As of March 8, 2008
                                                             ~$344,250 As of February 7, 2008
                                                             ~$349,000 As of January 8, 2008
                                                             ~$262,442 As of December 9, 2007
                                                             ~$243,125 As of November 7, 2007
                                                             ~$645,500 As of October 4, 2007
                                                             ~$331,000 As of Sept.1, 2007
                                                             ~$349,073 AS OF AUG. 4, 2007
                                                             ~$356,473 AS OF JUNE 24, 2007

Average Asking Price                       $364,624

Lowest SALE Price                            $238,000
Highest SALE Price                           $262,000

Unfortunately based on the facts of record our absorption rate went up YET again. Now we are at a 9 month absorption rate, up 2 months from last month's market report. October, November and now unfortunatley December has seen a steady increase in the absorption rate. During the summer months of '08 we were leveling out, but that has changed. How much longer will the absorption rates rise? That remains to be seen.

How does this effect you?

Well it is a fairly easy computation. When a market is losing value any additional time on the market COSTS you money. As a homeowner that needs or wants to sell you need to take a long hard look at the homes that have sold and look objectively not emotionally at your property. If your neighbor's home sold for $285,000 2 months ago you need to add an additional month to that (for the time between when the offer was made and accepted and the closing actually takes place) than add up the decreasing percentage and subtract that amount off of the neighbor's sale price. Any higher of an asking price may result in your home selling for substantially less money many months later.

Remember: Time is NOT on your side in a declining market.

Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.

I need to expand on the last paragraph about multiple offers. Contrary to news reports which indicate NOONE is buying homes, there are plenty of buyers out there taking advantage of the lower home prices combined with the very low interest rates. Interest rates right now are at the same historically low rates that they were at in 2004 (5.5% is average) at the height of the sellers market when homes were selling at prices 25% higher than they are now. Two of the homes that I have on the market right now have multiple offers on them, one listing has 4 offers the other has 2. This allows a seller the right to be picky on the terms, get more money, get a better qualified buyer!

Call me for a competent, accurate analysis of your home.