It seems like everyday some source is publishing housing numbers. This week it was the good and bad news of the first three quarters of 2009. The number of units where up the median price was down compared to 2008.
Sellers are finally coming to terms with the fact that distressed properties and lack of financing options are having an impact on the pricing of homes. In the Chicago market the low conforming loan number of $417,000 is impacting everything over $500,000. Although there are short sales and foreclosures throughout the city, some neighborhoods are feeling a greater impact of these properties. Every week we continue to see more adjustments.
A sale is not a sale until it closes anymore. There are several factors going into the increase of closed units. The quality of the buyers are better. They are making the adjustments for the ever changing mortgage industry. There are also a lot more things that can go wrong between the start of the search and the closing. Factors include uncertainty of buyers to be homeowners, existing home owners sitting with a property that is not selling so they cannot move on and properties that lenders will not lend on because of association or appraisal issues.
Being in this industry for a decade, the great number of transactions I have been involved in has established me as a professional. The ability to service my clients and get a transaction closed is from my recent experience as the tools and the economic environment are entirely new animals. Now more than ever it the the recent experience and professionalism of the Realtor® and lender that is so vital to both the buyer and seller in achieving a successful transaction.