WHY NOW MIGHT BE A GREAT TIME TO SELL

"Okay Bruce", you're thinking, "housing prices are down nationwide, foreclosures are at record highs, lenders are dropping like flies, and the economy is hurting, yet you're telling me that selling into this market could be a smart thing? Gimme a break!"

There is a great deal of misinformation and misunderstanding surrounding the gloom and doom message we are getting from the national media. Give me a few minutes of your time to dispel some myths that have been spun of late;

Myth One: "The housing market is tanking". While real estate price "bubbles" in some parts of the nation have burst, here in the North Texas area there was no bubble to burst. The fact is, prices are going UP in this area. Yes, up! The rate of increase has slowed, but there is still an increase.

Myth Two: "Foreclosures are dragging the market down". This depends. IF there are several foreclosures in your neighborhood AND these properties are well-kept, attractive properties, then yes, they will create trouble for you. However, it has been my experience that such "distressed properties" are a distinctly lower class of property than other listings. They are typically run-down, even disgusting, and very few buyers are willing to consider purchasing such a home. If your home is in good condition and free of the need for repair or improvement, it will totally outclass the vast majority of foreclosures, and should sell at a good price.

Myth Three: "Buyers can't get loans". Not true. My lending sources tell me there are programs that offer buyers 100% loans with a FICO score as low as 620. FHA will now write loans for as much as $271,050 for a single-family home, and have CUT the minimum down payment amount from 3% to 1.5%. FHA still allows buyers down payment assistance programs to, in effect, roll the rest of their closing costs into the sales price of the home in most cases. Conventional lenders are still in business and writing loans. The current shake-out has exposed some bad players, and lenders aren't taking the risks they used to, but the bottom line is a person who is gainfully employed and has managed their money responsibly can get a loan.

As for the state of the economy, I am unqualified to comment, and there is disagreement even among experts as to where we are headed. However, it has been my experience that when buyers occasionally "spooked", they eventually get tired of waiting and come back to the marketplace. I think we are poised for that to happen, and the seller ready to take advantage of changing circumstances will do well.

So, how could this be a great time to sell? First of all, many sellers (especially those in "entry-level" homes) have decided to stay out of the market, postponing their plans for upgrading until things pick up. Many of these sellers don't realize that in some communities, there are more bargains to be had in the upscale market than in the entry-level market. I know of agents actually going door-to-door in some of these entry-level neighborhoods on behalf of buyers who can't seem to find a home for sale. Also, there are buyers circulating letters, soliciting potential sellers directly! From what I'm seeing around me, there is not an over-abundance of inventory in the entry-level home market.

The bottom line is this - every area, city, and neighborhood has a different dynamic, and you should not make your decisions based on what you hear on the evening news or around the water cooler at the office. If you are on the fence regarding the potential sale of your home, contact me. I will show you the data for your area and your market under current conditions. It is not my aim to convince you that you need to sell your home. It is my job to make sure you get accurate and timely information and sane market analysis backed up by my years of experience. The decision to sell is, of course, yours alone to make. Just be sure to get all the facts so you don't miss out on the many opportunities out there in this shifting market.

Contact me at 817-416-2637, or by email at bruce@bohomes.com. Thanks, and have a great day!