I was hoping the market would pick up in the beginning of 2008. Sales for January were pretty much the same as September (200) and October (229) of 2007. 

   We are still in a severe buyers market, which is defined by more than 7 months of inventory. We have 7478 homes on the MLS as of the beginning of March. That’s a whopping 37 months (7478 divided by 200/month).

   Buyers are looking for bargains and bargains can be found every where. We are seeing the first wave of Short Sales which is where the seller asks the bank to accept a loan payoff that is less than the balance owed on the mortgage. I’m seeing 1 or 2 bank foreclosures being solf off every week.

   The good news is houses are selling every day. It’s just a price driven market. An agent in my office sold an investment home she remodeled in 30 days with multiple offers because of the condition of the home and the great price.

   Transparency is the word of the day. Everything is on the internet for everyone to see. You can’t sell an over priced home any more. Buyers can see every house in your area & never leave their living room!!