First Price Decline in 11 Years

The NATIONAL ASSOCIATION OF REALTORS® just reported that the price of existing homes declined nationally for the first time in 11 years in August, signaling that the long-awaited other shoe has finally dropped on the real estate market. The median price for existing single-family homes nationwide slipped 1.7 percent from last August, the first such decline since April 1995. It also was the second-biggest decline in the 38 years the Realtors have gathered sales data. What's this really mean for you?

It's a brilliant time to be a buyer! Expect more for your money and get it! And interest rates are great right now.

Sellers have to be willing to play ball. Motivated sellers need to spruce up and price right to get the deal done, because there are a ton of condos on the market. This is not a market that has any forgiveness, everything has to look good, show well, price well. So, if you're a motivated seller, pay close attention to sales prices of comparable units and get yourself down to that sale price so you can be the next one.