Yes, friends...it's happening.  The downward spiral of appointment setting in local real estate offices since June 1, signaled just what would happen when the first time & repeat buyer tax credits ended. If you are a home seller, fasten your seat belt, as the next few months won't be easy.  The buyers are out there, but are looking for deals.  While we saw a few bidding wars in later March and April, we are now seeing price reductions daily.  This can only indicate that we haven't yet hit bottom.  If you purchased your home 4-6 years ago and must sell, be prepared for a LOSS!

During the spring months, there were murmurings that seller concessions for FHA loans would be reduced to 3%.  Fortunately, that has NOT happened or things would be even worse.  If you are a buyer...this is the first time in 38 years that home prices and rates are down at the same time.  Get out there and buy a home.  If you are a home seller, make sure that your real estate professional maps out a strategy before you put your home on the market.  Listen to what he/she tells you about pricing and showing your home to its bet advantage and you WILL get a sale!

For years it took 60 - 120 days to get a home sold.  All of a sudden, as the new millennium occurred, falling rates and pent-up buyer demand had homes selling for the FOR SALE sign was firmly planted on the lawn.  That was NOT reality.  In the Metropolitan Philadelphia market it is very possible to have a home sold within 30-90 days.  Price and condition are KEY.  Get that right, and there will be a happy buyer and seller at the closing table before you know it.