Current Housing Market status around the nation and in Marshall County Alabama.

Existing-Homes Sales Slip in January

Existing-home sales eased slightly in January with some potential buyers trying to time the market and others waiting for higher loan limits on conventional financing, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales — including single-family, town homes, condominiums, and co-ops — slipped 0.4 percent to a seasonally adjusted annual rate of 4.89 million units in January from an upwardly revised level of 4.91 million in December. Existing-home sales are 23.4 percent below the 6.44 million-unit pace in January 2007.“Subprime loans and other risky mortgage products have virtually disappeared from the marketplace, and over the past five months, this has been reflected in soft but fairly stable home sales,” says Lawrence Yun, NAR chief economist. “As the increased limits for FHA and conventional loans are implemented, more buyers will have access to safer FHA loans and lower interest rate loans in high-cost areas, which could lead to steadily higher home sales later in the year.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.76 percent in January from 6.10 percent in December. The rate was 6.22 percent in January 2007. Last week, Freddie Mac reported the 30-year fixed rate rose to 6.04 percent.

Bernanke Prepared to Cut Key Rates Again

Federal reserve Chair Ben Bernanke told the House Financial Service Committee during an appearance on Wednesday that the Fed is prepared to lower key interest rates again to bolster economic growth. The Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," he said.Bernanke was asked when he thought the housing market might stabilize. It's possible, he said, that by "later this year it will stop being such a big drag directly" on the economy. It is very difficult to know, and we've been wrong before," Bernanke said.
Source: The Associated Press, Jeannine Aversa (02/27/08)

************************************************************
Now, you may ask how Marshall County is holding up in the "Housing Bubble" that everyone has heard of? Well, we are doing great by comparison of other areas.

In Marshall County in the month of February, 70 homes were sold in Marshall county. The average Days on Market (DOM) was only 132 days. That is impressive. In a lot of the distressed areas you are looking at six months or longer to get a sale. We are selling at and average of 4.5 months.

Before you list your home for sale, interview at least 3 Realtors that you think will do a good job.

Never just go with the first name out of the book, and taking someone word isn't always best either. Every Realtor has a different approach and very different personalities. You need to find the one that you think you will be able to be honest and open with and who you think will be honest and open as well about your home.

Feel free to post your comments as well. Let's keep this open and real for all home sellers and home buyers. Have a great week!