Jan. 29, 2009 - Straight talk about today's market

Five things you need to know

Those who follow me on twitter.com might already know that my previously planned posting for today somehow became lost in cyberspace.  Nevertheless, while reading some of my favorite real estate blog sites, I came across Jovan Hackley, of VARbuzz.com who asks the the very interesting question: What five things would you tell buyers/sellers about today's market? 

Jovan said to give it straight. So, minutes ago - straight as an arrow, I posted my response to the question, below. 
 

Real estate is local. The follwowing is for Franklin Township, NJ:

1. Sellers: According Garden State MLS, 602 local residential transactions took place in 2008.

2. Sellers: For 2008, the average days on market (DOM) was 84 at 96% of asking price for those that sold.

3. Sellers: If you are not doing all the right things to sell your home then you are helping to sell your competition s’. Homes are selling in Franklin Township.

4. Buyers: If your credit scores are at least 720, you have an adequate downpayment and can document all that is required; it can be a great time to buy.

5. Buyers: Your house is not a bank. Work the numbers. The longer you plan to live in your home with a fixed rate mortgage, the benefits of home ownership will be greater. Congress is proposing a true $7,500 tax credit for first time buyers.