I strongly suggest that you take the time to read the articles that are featured in this issue of The Jones Report.  Specifically read the Business Week article as I truly feel it is pertinent to what is going on in the market and depicts what we are heading for in the next few months. 

Homes sales were on the rise in April 2009 compared to last year's sales mainly due to buyer demand and seller motivation. TheMLS has reported that the percentage of accepted offers has increased 40% in April 2009 compared to April 2008. Properties that have been listed at or below market value are selling quickly and occasionally above listed price which goes to show that overpricing a property to get above market value is an unlikely strategy to getting a home sold.  Getting homeowners to grasp this reality has been difficult!

Also, median prices have declined which are affected by the decrease in luxury home sales, foreclosures and the ability to obtain jumbo loans. However, these price decreases are falling more slowly which can indicate that prices may be stabilizing.

As predicted, the percentage increase of notice of defaults issued this first quarter compared to 2008 will increase the number of foreclosures in the next few months.  The Obama administration's additional efforts to expand the foreclosure prevention plan will hopefully decrease the volume of foreclosures and steer us toward recovery.

All in all, there are many buyers looking to purchase real estate in this market as well as realistic sellers.

Please don't hesitate to call or send me an email if you'd like further information regarding the market.

Sincerely,