Have We Hit The Bottom Of The Real Estate Housing Market?

Well, the jury is still out as to whether we have hit bottom. Most experts believe that as long as unemployment stays at present levels, we will have a way to go. But, we have had some encouraging news.

Nationally, existing home sales in June were 9.8% higher than in June 2009.

Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but still have increased 8.5 percent above the 4.33 million sold in June 2009.

The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.

Existing-home sales in the West dropped a bit, but they were still 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009.

Another good indication that I have noticed while working out in the field, is that mortgage lenders are a bit more willing to lend to qualified buyers; but, there are still strict qualifying and house appraisal guidelines.

In regards to the seller, accurately pricing a home for sale continues to be one of the most important and difficult factors in determining whether a home sells or lingers on the market. In some cases, sellers may need to reduce their asking price to attract buyers and offers. Some homeowners may struggle with determining whether or not they should reduce their list price.

A Realtor® will be able to show the seller if the sales prices of recently sold homes in the area are lower than the list price of the home listed for sale. Remember that the home will be appraised for the new loan, and if it doesn't appraise, the mortgage lender will not make a loan on that particular home.