Lisa Hanley

Ever play the game "Fortunately/Unfortunately?"

It goes like this...

Fortunately, homes that have gone to pending are up 59.4% since last month!

Unfortunately, sales are down 39% since last year this time.

Fortunately, the number of homes going pending has gone up in that same period of time over 10% meaning we will see an increase in closed sales soon.

Unfortunately, with the end of the first time homebuyer credit, the number of homes in pending will likely drop again very soon.

Fortunately, many homebuyers got to take advantage of a program that helped them realize their dreams of homeownership!

Unfortunately, we will be paying for that for years to come.

Fortunately, hmmmmmm.....is there an appropriate ending after that?

Unlike so many of my fellow agents, I flat out refuse to call and ask for an extension to the $8,000 credit. I simply believe that it is an issue of ripping of the band-aid quickly as opposed to slowly and agonizingly. Will is keep pendings and solds up? Certainly. But, as the adage goes, what goes up must come down. This time it will come down with a multi-billion dollar collar around its neck.

What price that commission????

Ever play the game "Fortunately/Unfortunately? It goes like this...

Fortunately, homes that have gone to pending are up 59.4% since last month!

Unfortunately, sales are down 39% since last year this time.

Fortunately, the number of homes going pending has gone up in that same period of time over 10% meaning we will see an increase in closed sales soon.

Unfortunately, with the end of the first time homebuyer credit, the number of homes in pending will likely drop again very soon.

Fortunately, many homebuyers got to take advantage of a program that helped them realize their dreams of homeownership!

Unfortunately, we will be paying for that for years to come.

Fortunately, hmmmmmm.....is there an appropriate ending after that?

It never fails. Every time I wear my Windermere nametag somewhere I get the inevitable, "So, how is the market?" I love it. Really! In fact, in my previous life, *I* was the one asking every agent friend I knew that same question!

The truth is that it IS an important questions. Our homes are one of our biggest investments and monitoring the status of that investment is just good business. How many of us go to the mailbox with fear and trepidation lately for fear that the 401k statement will be there? Yet, we open it and read. Why? Because we need to know how to better plan for our future! The good, the bad, or the ugly! :) (Though we hope for more good than the alternatives!)

A wise homeowner or prospective first time buyer is prudent to do the same. Is it time to sell or to wait it out? Is now the time to jump in to the housing market while incentives and credits are high and prices are lower? That is a decision that must be made carefully and with all the needed information to make the correct move. This is NOT a market for the impulsive!

I will be providing weekly market updates specific to Moses Lake. If you would like to request a report for your neighborhood or even another area, I can provide detailed information for up to 15 months.

If you want VERY specific information relating to your home in particular, I am able to get that to you also.

So, go out there armed and ready! And rest assured, our market in Moses Lake and Grant County and very strong compared to the national numbers!

Lisa Hanley

So, what does this mean??

In Moses Lake, we currently have 330 residential homes listed with the MLS. This doesn't include private transactions. Conversely, we closed 21 homes in March (up from 12 in February....what a dismal month February is!) The good news (always the optimist!) is that both sales and those houses that went under contract (pending) both nearly doubled from the previous month! The other news (darn that bit of realist in me!) is that we still have nearly 16 months of inventory.

So, to break it down in the terms you most want to know...

*GREAT time to buy! Prices are stable and have slightly declined in mid to upper ranges. Anyone who hasn't owned a home in 3 years qualifies for the first time home buyer credit of $8,000 (CASH MONEY AT TAX TIME!). You can still find no down and low down loan programs if you have a decent credit history.

*Good time o list *IF* you really need to. But, unlike a year or two ago, you must be ready to price just under the curve if you truly want your home to sell. Slightly underpricing will statistically yield you more in the end than if you over price and have to come down in price later. Also, your house must be READY when you go on market. As a stager, I have seen firsthand the difference a well staged home shows to prospective buyers. Houses WILL still be sold. You need to ask yourself if you need yours sold now, or if you want to wait.

A further thought:

If you are a move up buyer, even if you need to take a 10% reduction on your home (say it is a $200,000 home an you make $20,000 less than you hoped) know that you will also be able to get your new home (say $350,000 for an instant reduction of $35,000 at 10% below what they were hoping). Regardless, the difference in savings coupled with the historically low interest rates means you walk away ahead of the game, even if it "feels" like you had to sacrifice initially!

Lisa Hanley

Sterling and Golf Saving Banks have teamed up to offer all their standing builder's inventory at this rate through May 15th! They are using TARP money to stimulate the markets, and it is working. We can't give the actual interest rate without a ton of legal disclamers, but ask and I can give it to you. :)

This applies both to FIRST and SECOND homes. Unheard of in today's market! So, great time to buy your vacation home in Moses Lake! We have roughly 5 homes and 2 duplexes that qualify for this here in town. All new construction!

Let me know if you want more information on any of them!

www.moseslakehouses.com