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
|
1999 |
2001 |
2003 |
2004 |
2005 |
2006 |
2007 |
|
|
Agent |
77% |
79% |
83% |
82% |
85% |
84% |
85% |
|
FSBO |
16% |
13% |
14% |
14% |
13% |
12% |
12% |
|
Relocation Company |
2% |
1% |
1% |
1% |
1% |
1% |
1% |
|
Other |
5% |
7% |
3% |
3% |
2% |
3% |
2% |
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
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