The mass negative influence of the media keeps raving about the housing industry being in its worse slump in 16 years has both sellers and buyers spooked.  Sales of existing homes fell 8% in September 2007, the largest decline since 1999.  The weakness in sales translated into further pressure on prices (according to NAR).  According to the National Association of Realtors (NAR), the medium price (the point at which half the homes sold for more and half for less), fell to $211,700 in September 2007, down by 4.2% from the sales price one year ago. However, according to October’s article by Real trends (Volume XVI, Number 10, October 2007 (NAR) it is more a matter of perception.  Sales are still happening, buyers are still buying, and investors continue to benefit from savvy investment opportunities.  The current market conditions are more a matter of perception than the current state of affairs.

 For a Seller the current conditions of the market simply mean that you must be working with a professional real estate expert such as a Realtor.  Local Realtors have an in-depth understanding of the competition in your local market and follow changes in prices and listings sold for those properties that are comparable to yours on a regular basis; thus providing you as a Seller the opportunity to ensure that your house is priced at fair market value.  Pricing your house at fair market value will enhance the probability of your house selling faster and with less hassle and stress to you.   

For a Buyer, understanding the current market conditions is equally important.  Since there is so much completion on the market, so many houses on inventory at any given local area, Buyers need to understand what the fair market value for a particular home is.  A Buyer can not possible assess what the fair market value of a particular property is based on the current listing price of properties in the area because many of those properties maybe grossly overpriced.  Working with a professional Realtor will provide you as a Buyer with the tools necessary to make an informed decision.  You should find your dream home without over paying for it.

Regardless of the current market conditions, the good news is that there is always a market.  Life is constantly evolving for us, and our needs are therefore changing as well.  Whether we are moving into retirement; about to graduate from college and move into the corporate business world; or enjoying the blessing of our first child, we all have the need for a home.  And as we all know, there is no better place on earth, than home!

Visit my website at www.nardita.com or www.TopNotchRealtyTeam.com.  Email me at Nardita@kw.com

 

Sincerely, Nardita                      Call us today for a professional consultation or to service your valuable referrals!

 

Narda Crespo, Realtor; Founder & CEO of theTop Notch Realty Team

Website: www.nardita.com E-mail: Nardita@kw.com

Office: 847.381.9500             Direct: 312.607.0093    Fax: 847.382.0888