Stock Market is up -- What now?

As many of you may already know, it has been a whirlwind week for Wall Street. What is worrisome is that what happens on Wall Street does affect the folks on Main Street (i.e. average American's). Many people have come through open house's, called into our office and stopped to ask us REALTOR (S) what we think about the current housing market, what we think about Wall Street and the bailouts and the bank failures ....and all of that negative news. Responsible, repsected professional REALTORS (R) will all tell you this is something we all watch closely, but that regardless of the topsy-turvy bank situations and the misgivings people are having about the stock market, real estate sells are UP. The prices are down, but the existing home sales has exceeded that of last years' numbers.

Stability in the housing market is coming. The insecurity first time home buyers and also current homeowners have had can be relaxed. Here's what the professional REALTORS (R) all know, and what we are trying to tell the world:

1. Price your house right to sell fast. We are seeing multiple offer situations in homes priced right. This may be less than what you would have done last year, but it still will sell. Remember, if you have not already spent the dollars you perceived as yours through equity, you have lost nothing.
2. Sellers are looking for good offers - not total low-ball offers. Which means, buyers, do not expect a total liquidation of housing through bargain basement prices. If you are looking for the bottom of the market -- stop! You will not know the bottom until prices go back up. Remember: Prices have dropped, but not everyone selling is in a default situation. Those sellers that can wait, will.
3. And those sellers that wait, if you do not want to sell now, for your perceived price, and you can hold on a 2-3 more years....Guess what! I think you will be safe.
4. Buyers: If you have been waiting, things do not get better! Prices are low, interest rates are historically low (still BELOW 6%) and FHA loans are big. Coupled with the federal tax credit for first time home buyers, this is the best year to buy -- better thany any in recent memory.
5. Buyers and Sellers: Remember - a home is a long-term investment. Do not expect to "cash out" big if you are selling now and bought less than 5 years ago. Buyers, do not expect that golden deal -- that needle in the haystack foreclosure -- the deals are out there -- but they are getting multiple offers. The time is now! Do not hesitate!

As always, if you or anyone you know needs any real estate advice, please send them my way.

Honesty, Integrity...Service you can TRUST!!!!

Stacy