Fritz Pfister

With the final numbers in for 2007 here’s what should be important to every prospective home seller; it’s tough getting sold, staying sold, and closing the sale.

On Thursday February 7 at 6:00pm there will be a free, no obligation home seller seminar. The location; The Crowne Plaza Hotel, Springfield Illinois. Forty attended the January seminar with everyone surprised at the amount of information provided that will help them to sell in 2008, and nuggets of information they did not possess prior to the seminar.

Here are some market factors to know for anyone that needs to sell a home in 2008;
1. Only 50% of home listings sold and closed in 2007.
2. The time it takes to sell is getting longer.
3. There were 367 more failed contracts in 2007 than 2006.
4. Lenders have raised standards for 2008 meaning a smaller number of buyers will qualify, the sub-prime market is no more.
5. There continues to be a record number of homes for sale.
6. Interest rates fell below 6% for only the second time since the 1960’s in January 2008, the result? Closed home sales fell by 29%, and homes sold pending during the month fell by 26%.
7. Consumer confidence, consumer spending, unemployment are all going the wrong direction resulting in fourth quarter GDP growth of .6%.
8. The main stream media is attempting to scare the country into recession to support their political agenda. This harms the economy, by misleading consumers into believing we are already in recession.
9. Rising fuel and food prices have diminished disposable income for many families.
10. Government intervention into the housing market will only make things worse, and prolong time to recovery.

Sound like doom and gloom? Sure it does, however with the proper information home sellers can overcome these challenges. The brokers of The Capital Area Association of Realtors will sell thousands of homes in 2008. OK, we are off to the slowest start since 2001 in closed home sales, and the slowest start in sales pending since 2002, but this is Springfield Illinois. Look for activity to pick up briskly between Valentine’s Day and St. Patrick’s Day.

That will tell the story for the local housing market in 2008. If activity doesn’t pick up between those two holidays, then be prepared for a long year for home sellers.

All the more reason to attend the home seller seminar. Those prepared will have the best opportunity for success.

For reservations e-mail fritz@springfieldhome.com or call 217-652-7653.