WOW! What an absolutely unbelievable summer this is shaping up to be.  The collapse of the sub-prime mortgage industry has created a domino effect in most other mortgage segments, making borrowing money extremely difficult to do for any buyer who doesn’t have a good-to-perfect credit score.

New listings are still coming on the market daily.  In fact, I have 11 listings right now (with only two that are sale pending) and three more that will go online this week.  Yet, there are very few buyers.  If you are selling your home now, be prepared for longer market times and to price your house at or below market value from the beginning in order to attract the most buyer traffic.  If you are a buyer, I would LOVE to hear from you!!!  Call me today at 503-421-2407 or send me an email, phyllis@pointclickandpack.com. 

The market is continuing to increase with new listings.  Comparing June 2006 with June 2007, new listings grew at 12.7%, according to the Market Action report issued by RMLS.  Closed and pending sales dropped by 18.5% and 10.4%, respectively. 

What does this mean for you?  If you’re a buyer, you have a lot of homes to choose from.  Although interest rates aren’t low enough to attract the investor market, they are relatively low, at around 6.65% - 6.8% and these rates shouldn’t prevent buyers from purchasing single family homes now.

If you’re a seller, you should keep in mind that your home will have lots of competition.  Your list price should be at or slightly below market value in order to attract a quick sale.    I offer fee-for-service real estate which allows sellers to save money on the listing side of real estate commissions.  If you take your commission savings and pass these on to the buyer in the form of a lower initial list price for your home, you should be able to sell your home just under market value and still net the same amount you would have had you listed your home with an agent charging the standard 6% real estate commission.

I look forward to assisting with your purchase or sale.  Please let me know how I can help!  You can reach me at phyllis@pointclickandpack.com or at 503-421-2407.