No matter what the market is like, up or down, there are some questions that are always the same:

Sellers--How long will it take to sell my home? 

Buyers-- How much do you think I can get off the asking price?

My job wouldn't be nearly as challenging if I always had the accurate and simple answer to those questions!

So, let's look at a few statements/predictions regarding  the real estate market  from the April 2009 issue of Money Magazine, including advice for buyers and sellers.

• If President Obama's stimulus plan works, home prices will bottom out this year.  If not--we'll be sitting out this slow market through 2011.
• Home values won't hit the peak pricing  of 2006 for another ten years.
• Kansas City area home prices should start to recover early next year.

How does this affect you if you are a buyer?  Depends on where you are buying in the Kansas City metro area. Generally, I feel the bottom of the market is here for those listings that have been languishing on the market for several months. They have to compete now with all the newer listings.  However, this is the 'spring market'--when most contracts are written.  You CAN get a good deal, even on a newer listing--be sure your agent is familiar with the area and knows the house isn't overpriced (many sellers think their house is priced correctly, when in fact it's overpriced for this current slow market).  Next week interest rates may hit below 5.0%--for those buyers with a 20% down payment and a credit score of 700+. Buy now if you can.  It will take a while for prices to recover--in the meantime you'll be building equity and reaping the tax benefits of home ownership.

And what if you are a seller?  Should you sell now?  Or wait it out?  That answer really depends on your unique situation.  Because we are in the spring market when most contracts are written, you have a good chance of getting lots of interest in your home now--especially if it's a home attractive to a first time buyer. Be sure it's updated, clean, has good curb appeal and is free of clutter. Be wary of comparing your home to what sold a year or two ago--when the economy was different.  If you are in a suburban market where there is lots of competition (Olathe, Lees Summit)--shop the competition in your subdivision and price your home a little lower. Make it look like a great value--you may get competing offers.  Know the positives and negatives of your home compared to the others.   Buyers now want to take advantage of the $8000 tax refund AND the low interest rates--those options may not be available a year from now.

Personally, I am experiencing a lot of activity right now in certain areas.  Many first time buyers are (cautiously) ready to buy now.  They know the tax refund and low rates are an unbeatable combination. Still, they want to feel they are getting 'a deal'--or at the very least a well maintained home that will appreciate in the next few years.  I hear a lot about downsizing these days--and not just from older folks who don't want the maintenance of a house.  I hear it from families and younger buyers who want to own but not break the bank doing so--with their investments shattered, they are planning to keep living expenses lower in the future, particularly in regards to utility and energy costs. Finally, sales are happening in those always strong areas of Brookside/Waldo and parts of Overland Park/Prairie Village. The trend of wanting to live closer to work, amenities,shopping,  bus lines and city life is still strong.

Sure the housing market is ...still on a downward trend...but like most situations, there's good news and bad news on both sides.  You have the power to decide which side is going to work for you!

Have comments on my blog?  Need information about your neighborhood?  Email me or visit my website, www.maryhutchison.org