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SIGNS OF LIFE Closer Look At Stats Shows Promise In Housing Market While economists debate whether the housing market has hit bottom yet, as of late 2008 experts were seeing positive signs that nationwide home sales were on the rise and inventories of homes on the market were shrinking. In addition, a deeper look into the national statistics showed that numbers from the hardest-hit states, such as Arizona, California, Florida and Nevada, were making the national picture look worse “on average” than reality, according to mortgage insurance company The PMI Group. Late last year, PMI's "risk index" showed that more than 75% of 386 metropolitan markets nationwide had a less than 10% chance of lower home prices by late 2010. In addition, government initiatives could mitigate foreclosure problems and further bolster consumers' ability to obtain home mortgages. Affordability analyses from the National Association of REALTORS® also show substantial improvements over recent years.

SELLING Take Your First Offer Seriously Thinking of selling your home? Remember: "A bird in the hand is worth two in the bush." That old adage is especially relevant when talking about home-purchase offers in a buyer's market. Even in a balanced market, it is often the first offer that turns out to be the best one the seller will get. Consider your first offer seriously and treat it with kid gloves. Here are some solid reasons why: An early offer (if you're lucky!) doesn't necessarily mean buyers are lining up to follow suit. It could just mean that your home meets the needs or preferences of that one particular buyer who made the offer. Your home will get the most interest from buyers just after it goes on the market. The longer it stays on the market, the more "desperate" buyers will think you are, prompting lower and lower offers. Even if the first offer is thousands lower than your list price, consider carefully whether it might be enough -- in terms of price and contract terms -- before rejecting it out of hand. After all, the longer your home is on the market, the more it costs you in mortgage payments, taxes, insurance, upkeep and sheer inconvenience. If the offered price and contract terms are less than ideal, start negotiations by making a counteroffer, being as flexible with the terms as possible. It isn't uncommon for buyers to offer a price below what they are truly willing to pay, sometimes much below, just to see if they can buy under market. An offer indicates serious interest in your home -- don't underestimate that but don't take it for granted, either. As with any purchase offer, consider the chances of the contract going to closing/settlement. Buyers who are pre-approved for a mortgage have demonstrated the financial ability to buy your home; give them extra points as you tally up the pros and cons of their offer. We'll be happy to work with you to fine-tune your home's listing price so it fits our local market. We can also advise you on what would make your home more saleable at low cost to you. Most importantly, we can put our expertise to work for you when it comes time to negotiate with potential buyers. Those are just a few of the services we provide our clients. We hope you'll take advantage of them!

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