How is our market doing? We are fine! The tightening of the mortgage market have forced some buyers, especially first time buyers or easy-credit dependent buyers out of the market place. Instead of being the "sky is falling" situation, it is actually a reflection of a "normal" market.

100% Percent financing is still available in the marketplace, but you just need to have a better credit score than in the past. Zero down financing was originally intended for those buyers who had reserved money but did not want to use their own money to purchase a home but use someone's else's -- the lender's money and use the tax write-off with the interest they were paying. Made perfect sense until it was misused by lenders having those buyers without money reserves and without high credit scores and using low entry level interest rates.

We have almost a 6.5 month supply of homes in the North Dallas area. The average days on the market range from 57 days in Plano to 70 days in Frisco. We are still doing well on the average sales price -- most of the cities have increased. Overall, we have had a 1% average increase in prices so far in 2007.

For October, 2007, we are down in our Pending sales in all of our cities so we probably will not be much better in October with the number of sales.

But with all the "doom and gloom" there is a bright lining! Interest rates are still low, around 6.5% for a fixed 30 year mortgage. Also, you might not receive as much for your home as you were hoping, but you can sell it when it is priced right and in good condition. The good thing is you can get a "bargain" on the buying side. We are seeing some good buys with foreclosures which are in good shape. The buyers just could not stay in them to make the payment. So, don't rule out making that move to a larger home or moving down in this market!

I have been in all kinds of markets in my 26 years of selling Real Estate. This also will pass but we can always see what good we can get out of the current market! And there are some great "buys" that we feel are here and will be coming. So, keep your eyes opened or we will for you if you let us know what you are looking for!

With our marketing, we are seeing our listings go under contract and our buyers finding great buys for them to move into. We will get you sold with our marketing and with your partnership in keeping your house in showmanship style! We make a great Team!

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