The Price is Right

I have been waiting to comment on the sub-prime mortgage bust until I get a good feel of how it will affect us here in Northwest Indiana. Well, I do not think we will be as bad as some of the larger markets it has definitely left some of our buyers and sellers in a pretty bad position over the last few weeks.

Prior to this it was pretty easy to get a loan. Now lenders are going to give all potential buyers a very thorough look before the lend to anyone.

This does mean buyers' are going to have to be more educated and better prepared, but also sellers'.

Home sellers' now more than ever need to look at their sales price and their market and make sure they are priced right for their goals.

Before buyers would shop more with their eyes, not focusing on the price. When they found something they liked they would then talk to different lenders until they could work into the home.

Even though buyers will still shop with their eyes first, I believe they will focus on price more quickly than before.

Sellers' if you are currently listed you may want to ask your agent for an updated CMA.

If you are thinking of selling, it is still a good time to sell, just make sure your are priced right to achieve your sales goal, otherwise it could be a long road.