Current issues facing the real estate market:

• Increasing Foreclosures
• Liquidity Squeeze
• Tightened Lending Standards
• Rising Inventories
• Falling Prices
• Affordability
• Tightening Economy
• Consumer Psychology
• Fewer Available Sales
• Lower Sales Volume
• Less Available Income

What the Government Is Doing to Help the Housing Sector

• Mortgage Forgiveness Debt Relief Act
• FHA Secure
• Hope Now Alliance
• Interest Rate Cut
• Mortgage Reform and Anti-Predatory Lending
• Economic Stimulus Package
• GSE Reform – Increased Conforming Loan Limits
• FHA Modernization – Increased FHA Loan Limits

Methods Sellers Use to Sell Homes

For Sale by Owner – FSBO

• In 2007, the typical FSBO sold for $180,000, compared with $240,000 for an agent-assisted home sale
• In 2006, FSBOs sold for $187,200 and agent-assisted sellers sold for $247,000
• In 2007, 56% of FSBOs that sold didn’t list with an agent because they didn’t want to pay the commission.
• Up from 51% in 2006
• In 2007, 21% of FSBOs sold their house to a friend or relative
• Down from 22% in 2006
• In 2007, 11% of FSBOs were contacted directly by the buyer.
• Down from 12% in 2006

In 2007, the typical home listed sold within 8 weeks – up from 6 weeks in 2006 and 4 weeks in 2005

2007 Real Estate 2008

• Part 1
• Part 2
• Part 3
• Part 4
• Part 5
• Part 6

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