For the first time in 3 months, the closings in August were down for the same month last year – by 11.6%! We feel we’re still busy and that there’s a lot of first-time buyers trying to beat the Nov 30 deadline for the $8k credit. Judy Lindsay, president of the Board of Realtors, after speaking with lenders think possibly the new ‘3 day document review prior to closing’ may be the reason and that September stats should give us a better indicator.
Sellers can take heart that inventory is not going up. We’re now at a 5.7 month supply vs. 5.9 at the end of August 2008.
We feel if a listing is going on the market now that it must be properly priced and market-ready when it goes on. Overpricing and ‘trying it on the market a while’ is a big mistake. Sellers need to understand that even if an overpriced listing is sold, it certainly won’t appraise.