I like to remind people that one months data does not mean a lot and I will be putting together data for the first six months of the year. As a general observation I will say that the number of homes on the market has been climbing but the number of new listing each month this year has remained fairly stable. The number of accepted offers on properties has gone up each month. It could be seasonal. The average sale price has been going up each month, and may have bottomed out in March.
Banks continue to slash prices on the homes they own but I am still finding so many that need such extensive repairs that it takes time and a lot of research to find the true bargains.
Lenders have tightened up, but I am still seeing a lot of transactions where the buyer is putting zero down. As I wrote last week it is easy to purchase a home with no money down for those who have a good credit rating and a job. Sellers need to know that they will almost always be asked to pay the buyers closing costs. There are loan programs I have been using where the seller is paying all of the buyers closing costs, pre-paids, points and some of the down payment. At some closings the seller is the only party bringing any money to the table. It sued to be that the sellers left with a check, no always the case these days.
Is it a good time to buy or sell real estate? My answer is that it depends. Unlike some of the big real estate companies I can not make the blanket statement that it is a good time to buy or sell. . . it depends.
See" It is a good time to . . . "
For more local numbers see: Local Market Conditions & home prices
One of the frustrations that I have is that buyers, especially first time home buyers, are having a hard time pulling the trigger, nervous about what might be happening, and it has a lot to do with bank inventory.
I had a young couple eager to buy, put together a great offer . . . beach living at the cheapest price yet . . . and then they stalled. Why? An REO came on the market in the same condo complex at a very competitive price (though higher), and then another one got listed super cheap as a short sale, which we know will probably not get approved at that price.
It’s pretty tough to have a feeling of stability when you never know when to expect the next REO or short sale to shoot your deal out of the water by scaring all the buyers.