Home sales, prices decline in Northeast cities

Existing home sales in the Northeast tumbled nearly 19 percent in August from last year, while the median sales price in the region fell 3.8 percent to $271,000, the National Association of Realtors said Wednesday.

Compared with the country as a whole, home sales were a bit weaker in the Northeast, but prices held up better. Nationally, sales -- without adjusting for seasonal factors -- were down 15 percent in August from a year ago, while the median price slid 9.5 percent to $203,100.

The Associated Press-Re/Max Monthly Housing Report, also released Wednesday, showed August sales dropped by more than 20 percent in seven of the nine Northeast metro areas tracked. The report analyzed home sales recorded by all real estate agents in those areas, regardless of company affiliation.

But barring a national economic meltdown, the Northeast is likely to emerge from its housing slump before other regions in the country, said Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies.

The reasons are twofold: The region didn't experience the ambitious overbuilding plaguing the Southwest, California and Florida and the Northeast also isn't suffering from a severe economic downturn like the Midwest.

"I can see the Northeast working through its excess of inventory and trolling around the bottom for a while," Retsinas said. "I can't even think about when that will begin to happen in those other areas of the country."

Retsinas pointed out, though, that job losses on Wall Street could eventually hurt home sales and prices surrounding New York city. In August, sales fell nearly 26 percent, the AP-Re/Max report showed, while the median price slipped less than 5 percent to $460,000. The numbers include Suffolk, Nassau and Westchester counties, but not New York city.

For the second month in a row, Pittsburgh recorded the worst sales decline at 32 percent from August 2007. But the city's median price posted the smallest drop in the region at less than a half-percent to $131,400. Even better for the market, the supply of unsold homes shrunk by a quarter last month.

"I think the economic conditions are leading some people, the traditional move-up buyer, feeling that maybe this is not the right time to put my house on the market," said Tony Mete, president of the Realtors Association of Metropolitan Pittsburgh.

He expects sales to continue to lag in September but more inventory to drop off. Mete hopes the possible $700 billion bailout of the U.S. financial system that Congress is debating this week would free up more mortgage money for buyers.

Only the most creditworthy buyers are qualifying for home loans as lenders have raised the bar for borrowers to qualify for a mortgage.

Those stricter credit standards have cut out about a quarter of potential homebuyers in Philadelphia, said Harry Caparo, chairman of Coldwell Banker Preferred in Philadelphia.

"The general condition of the mortgage market and uncertainty of the buyer are the issues today," he said.

Philadelphia also recorded a median price dip below 1 percent in August. Home values fell to $235,000 during the month, while sales activity declined 28 percent. The supply of homes on the market shot up by almost 22 percent.

Caparo expects September sales to be down another 20 to 25 percent after a "substantial drop" in pending sales in the last few months.

MaryAnn Sgobba, president of the Passaic County Board of Realtor, also laments that buyers don't think they can get a mortgage, so they're discouraged from even looking.

The number of sales fell almost 20 percent in the greater Passaic, N.J., area, including sales from the nine surrounding counties. But prices dipped just under 6 percent to $399,900 last month, a welcome adjustment compared to other cities, Sgobba said.

"We're not unhappy with August's stats," she said.

But the supply of unsold homes is ballooning in the Passaic area. Inventory jumped 26 percent in August from a year ago, which could put more downward pressure on prices if sales don't keep up.

More people are contacting Sgobba about current listings, a good sign she said, which could lead to more sales in September. She also hopes the housing rescue plan passed in May, which includes a credit of up to $7,500 for first-time homebuyers, will boost sales.

Foreclosures are the largest obstacle for Providence, R.I., where nearly one of five sales are distressed properties, said Ron Phipps of Phipps Realty in Warwick, R.I.The discounted properties are weighing on values too. The median price plunged by nearly 15 percent last month to $230,000, the largest drop in the Northeast, the AP-Re/Max report showed. Sales there also fell 22 percent in August.

"We've gone back to 2004 pricing which was pre-housing boom," Phipps said. "I'm looking very much to bottom in prices this fall or winter."

The median home price in Augusta, Maine, posted the second largest decline last month. Values there lost nearly 13 percent to $141,500 as the volume of sales slowed by almost 30 percent. Inventory was nearly unchanged.

"We're still in an adjustment period so we'll be down through 2008," said Bill Sprague, a partner at Sprague and Curtis Real Estate in Augusta. But he expects sales to perk up next year

J.W. ELPHINSTONE

The Associated Press September 24, 2008, 3:02PM ET

www.phippsrealty.com

8 ways to sweeten the deal on your home as Posted on MSN.com

Offering freebies with your house is almost a requirement in today's market. But forget the Final Four tickets. Buyers want you to help reduce the initial hit to their wallet should they buy your house.

By Karen Aho
Your house has been on the market for months. The for-sale sign, spattered with mud, has tilted over in surrender. As you go to straighten it, you trip over the morning newspaper, and, presumably, your answer: Inside is a story about a home that sold quickly after owners tossed in Hannah Montana concert tickets.

So, do you race inside to see what snazzy perks you can get hold of? A friend with ballgame tickets? A relative with a time share? Your old Harley? Is the age-old marketing ploy -- the incentive – a home seller's sure-fire solution in this dismal buyer's market? The answer is yes … and no.

Incentives help. Some say they're even necessary these days. But not all incentives boost the prospects for a sale, and the options for which ones actually do have shrunk. The free balloon ride? That's probably out. Six months of heating oil and half the closing costs? Those are in.

To understand what works and why, first consider what's happening in the housing market now.

1. There are more homes for sale than there are people buying. Home sales declined 23.4% from January 2007 to January 2008, according to the National Association of Realtors. Sales slowed most in the Western region, with a decline of 28.5%.

The slide has continued month-over-month this year, even as prices continue to fall, and The National Association of Home Builders reports a 10-month supply of new homes on the market, compared with a 4.5 month supply in 2005. Turn on any news show and the pundits are summing it up: Home buyers remain wary.

2. Sellers are turning to incentives. In February, 55% of builders surveyed by the NAHB said they were adding optional items at no charge, compared with 37% in 2002. And 43% said in February that they were paying all or some of the buyers' closing costs.

Jessie Beaudoin, a mortgage broker with American Financial Network, says that he can't track incentives precisely but that in California he sees 60% to 70% of sellers now paying some of the buyer's costs. "The lenders and the real-estate community are encouraging this," he says. "Nobody right now expects to pay full price for any property."

Most bank foreclosure homes and corporate relocation houses are also offering financial incentives, says Ron Phipps, a Rhode Island broker.
3. Buyers need to put cash down. Lenders have reined in those fully financed loans that helped trigger the mortgage collapse. Banks now demand not only better evidence that buyers can make the monthly payments but also that they have a financial stake in the property from the outset through bigger down payments.

In 1989, the median down payment was 20%, says the NAR, and mortgage brokers have reported that institutions are inching back toward such heftier requirements.

Even buyers who qualify for a low 3% down payment with an FHA loan still need to come up with closing costs, which add another 3% to 6% of the home's price.

4. Many home buyers are first-time buyers. Without home equity to tap into, first-time buyers often have difficulty securing a large amount of cash. "First-time buyers can handle the monthly payments; it's coming up with the down payment and closing costs that's hard," says Walter Molony of the NAR.

First-time buyers comprise nearly 40% of the market, he says. Of those, 22% receive a gift from a friend or relative to cover some or all of those costs, and 7% use a personal loan.

Forget the gimmicks

Add these four factors, say the experts, and you get a strong case for offering prospective buyers financial incentives. But forget about the Final Four tickets. Instead, help soften the financial blow associated with a new home.

"That's the time when (buyers) have the least amount of money in their pockets," says Stephen Melman, director of the NAHB's economic services. "They're buying. They're going to closing. They might have moving costs. They're going to have to buy furniture. Anything that helps their cash flow is going to be great."

It's more true now than in recent years, say brokers.

Phipps, a broker with Phipps Realty in Rhode Island, has been offering creative incentives for years. Goods or services associated with the house – a trip to wine country to stock the new cellar, for instance – have always piqued interest. But today's buyers are savvy, he says. They're analyzing price data and aren't distracted "by things that seem like gimmicks."

"Awhile ago (the incentives) were fun, but the nature of the real estate market is more serious now," Phipps says. "Buyers react to those incentives or encouragements that impact their bottom line."
Here are some ways to offer financial incentives:

Pay closing costs

Closing costs include title, application and attorneys fees, and points paid toward the loan's interest rate. They typically range from 3% to 5% of a home's cost. The median price of a home sold in the United States in January was $201,100, according to the NAR. That means typical closing costs start at $6,000.

On a conforming loan, sellers can pay up to that 3%, and up to 6% if the buyer is using FHA financing, says Beaudoin. He says it is the most popular incentive today.

"There's definitely a trend for sellers to pay all or most of the closing costs for the buyers," he says. "It has a much bigger impact than dropping the price."Why? Because the home price will be spread out over the life of the loan. Closing costs are due now.

"It's much easier to pay $30 dollars a month than it is to save $6,000," he says. (If you save $30 a month it would take 16.6 years, excluding interest, to amass $6,000.)
Home builders rate closing-cost assistance as more effective than adding optional items or reducing the sales price, says the NAHB.

Buy down the mortgage interest rate

Instead of knocking down the price, a seller can give money to the lender to go toward the buyer's interest payments for a certain amount of time, usually one to three years.

Here is a rough example from one of Phipps' clients:

Rather than taking $5,000 off the price, the seller gave it to the buyer's bank, where the buyer had a $200,000 loan. The bank used the $5,000 to buy 2 percentage points of the interest payments for the first 12 months and 1 percentage point the second 12 months.

This reduced the buyer's monthly mortgage payments from about $1,400 to $1,100 the first year and to $1,300 the second year. Given that the buyer had been paying $1,200 in rent previously, it eased the transition into the higher mortgage payments.

"We are using the buy downs for the first-time homeowners more than anything," Phipps says.Pay toward the down payment

Lenders won't allow sellers to fund a down payment directly, but they do allow you to help via special down-payment assistance programs as long as those entities do not have a direct interest in the sale of the property. These include government programs, or nonprofit groups such as the Nehemiah Corporation of America, the Housing Action Resource Trust and Partners in Charity. (The U.S. Department of Housing and Urban Development maintains a list of down payment programs whose nonprofit status has been revoked.)

Nehemiah, the largest of the charitable groups, has provided down-payment assistance to more than 250,000 home buyers nationally in the past decade. This is how it works: Nehemiah contributes up to 6% of a home's price for a qualified buyer's down payment. The seller later reimburses Nehemiah to replenish its account for other buyers. The buyer can get help from Nehemiah only if the seller agrees to repay the program, so the seller wins, the buyer wins and Nehemiah gains funds to help future home buyers.

For FHA loans, which require only a 3% down payment, a seller could essentially offer 100% financing by working with a program such as Nehemiah, Beaudoin says.

Buy a warranty

This is a great incentive, say real-estate agents. It typically costs the seller just $400 to $500 and gives the buyer peace of mind that any mechanical or electrical repairs will be covered, minus a small deductible, in the first year. Sellers can add riders for other items, such as wells, spas or washer-dryers.

"Particularly for first-time home buyers, it really is a way for them to control or limit any unforeseen repairs," Phipps says.

Ask your real-estate agent what companies they like to work with. Also, the home warranties don't go into effect until after the sale, so you can prepare. A list of home-warranty companies by state is available here.

Prepay some first-year expenses

Buyers who might have exhausted their savings and entered into steep monthly payments may feel great relief knowing other costs have been prepaid for six months or a year. These could include:

Homeowners association dues
Taxes
Utility payments
Lawn maintenance costs
Housekeeping payments.
Offer owner financing

In this scenario, the seller essentially offers to act as a bank and can set the terms of payment. This is clearly for those sellers who don't need the cash immediately. It is risky, agents say. "The other incentives are one-time fees; this is a long-term relationship," Phipps says.
Sellers should not only check the buyer's credit risk, but also make sure the buyer is financially invested in the house from the outset, through a decent down payment.

"You want to make sure you have good professional advice from your Realtor and your lawyer as to what that means, and what the recourse is if the mortgage isn't paid," Phipps says. "And a pre-approval letter for financing doesn't necessarily mean that you don't want to do due diligence."

Reward your broker

If you're in a hurry, you can always offer perks to your sales broker. This can include a higher commission or a gift. Human nature being what it is, this may work get the agent to move more buyers through the house. (Read more about people who chose to pay their agents extra.)

Nonfinancial incentives

There's no cap to what you can offer. Just make sure you are upfront and disclose transactions to your lender. Incentives can work as a psychological draw, say experts. But keep them fun and related to the house, Phipps says. For instance, he knows a seller seeking a Smart Car, which is hard to find, to offer with a solar house.
Advertise that the incentive will be offered for a limited time, and if it doesn't work, try something else. Steer clear of politically incorrect items that might offend prospective buyers, such as fur coats or energy-hogging cars.

Be wary of paying for inspections or repairs

It's possible to pay for these if need be, but it's not necessarily a good idea.

A home inspector should represent the buyer. If a buyer pays for the inspection, there's less chance someone could cry foul later. You don't want to be accused of being in cahoots with the inspector simply because you signed the check for his work, Phipps says.

Also, if the seller offers to pay for repairs as a condition of sale, the buyer's lender could require that the work be completed prior to funding, potentially stalling the sale.

"It creates a hiccup in the transaction," Beaudoin says. "Instead, what lenders will suggest is that the seller apply that money toward the closing costs. You can proceed and no work needs to be completed before the close."

Stay aboveboard

No matter what kind of incentive you ultimately offer, keep in mind that you'll need to be upfront about the details with all interested parties.

"Any kind of credit that the seller agrees to is ultimately subject to approval, or is limited, by the buyer's lender," says Kenneth Russo, a real-estate lawyer with LaPlante Sowa Goldman, in Rhode Island. Both parties must disclose any transactions made as part of the process.

Real-estate transactions are governed under the federal Real Estate Settlement Procedures Act. Violators can be subject to charges of felony fraud, says Russo.

Also, check with the state's business regulatory office to ensure that incentives are legal in your area. Spell out their value clearly, and have a lawyer review the agreement.

With those caveats in mind, offer incentives. They can send a strong message to buyers that you are willing to negotiate, says Gary Painter, an associate professor at the University of Southern California and research director of the Lusk Center for Real Estate.

"In some cases, buyers prefer incentives over lower prices," Painter says. Just calculate the exact value, "and make it clear."

Foreclosures, Short Sales, Walk A ways, and Opportunities.

It would be almost impossible to be out of the reach of media in 2008, although it might actually be healthier. But via television, video, web, texting, tweetering, pda, cell, phone and what my grandmother used to call gossip, information and misinformation surrounds us like air. Sometimes the information is difficult to understand due to its volume and its inconsistency. The sub prime mortgage mess is a great example of this problem. What is true and what is real?

Approximately 46,000,000 people have mortgages in the United States. Incidentally, more than one third of Americans own their homes outright, that is without any mortgage. Sub prime mortgages typically are adjustable rate mortgages. Many people took out this type of mortgage to ‘get into’ a home without documenting any income. Most of the mortgages had a low ‘teaser’ initial rate and payment. Many of these loans will adjust after 2 years. The adjustment would increase the interest rate and the payment. A good number of these mortgage holders cannot afford the new payment. In each quarter of 2008, 450,000 mortgages are likely to ‘reset’ to a new rate and payment. Many buyers can not afford the pre-reset payments. Therefore, it is a major problem. The Federal Reserve and the Government are trying to help minimize the impact of ‘non performing’ mortgages by helping the borrowers, lenders, and investors. The economic stimulus package addresses some of the problem. Increases in conventional mortgage ceilings, from 417k to 475, and the increase in FHA mortgage ceilings from 316k to 475K will help. Even with all of these efforts, there are a significant number of foreclosures, short sales, and ‘walk a ways.’ Walk a ways are when the homeowner simply moves out and leaves. Short sales are a protracted process of selling the house for less than the mortgage value.

There are some great opportunities with foreclosures and short sales. The March 24th National Association of Realtors monthly numbers showed an increase in sales and a price reduction due in part to the impact of ‘REOs,’ Real Estate Owned, by the lender.
The real challenge in the market is that the lenders are not equipped to handle to volume of REOs. Any real estate broker dealing with REOs will tell you it is very difficult. It is not usual to wait 2 or 3 months for a response to an offer. It is obviously very difficult to keep a buyer interested. The result of that delay is a further deterioration of the value of the property and sometimes a deterioration of the condition of the property. Some foreclosed properties have suffered water damage, vandalism, etc. Foreclosed properties also hurt the value of the neighborhood. We must recognize that the lenders do not want instructions on how to run their businesses, but this is a perfect storm of hurricane proportions. The lenders would ‘recover’ more of the value of the property if they sold the properties more quickly. The non producing mortgage becomes recovered cash when the house is sold. This would be true even if the lender sold the property at a low price.
It should not take 3 months to get an answer after a house is in short sale mode or has been foreclosed.

As a potential buyer, there are great opportunities with short sales and foreclosures if you are patient and persistent. You must be prudent and you need to know what you are purchasing. Many of the properties have issues that nothing short of a comprehensive inspection would uncover. Some have been trashed. Sometimes the lenders are generous. Last summer there was supposed to be a sale on a property in the 470’s. The lender was owed almost 500k so they refused to close. That same house came on the market last week at 329k. At last count there were over 20 offers. Someone is going to do very well. Often short sale and foreclosed properties are sold between 10 and 20% below market value. It is important to have representation and inspection to ‘protect’ your position. But there are buyers out there and there are opportunities as well. If you have been trying to time the bottom, the clocks of some of the short sales and of foreclosures have struck midnight. It is a time of great opportunity.

New Rhode Island Conventional and FHA Mortgage Limits

Real Estate News: Major Changes in Real Estate Financing;

The last few weeks have seen major changes in the mortgage market. The crisis in the sub-prime market has produced a major contraction in mortgage money. As with most things in life, every action tends to cause a predictable reaction. Pendulums swing both directions. The balance to the sub prime mess is difficulty for credit worthy people to obtain mortgages. It is true that mortgage money is in fact available for qualified homeowners.

The first part of March saw some major changes. One of the challenges has been
the rate difference between conventional rates and jumbo rates, mortgages above 417k.
The jumbo rates had grown to almost a full point, one percent above conventional rates. For example, if you were borrowing 415k your rate might be 5.5% in a 30 year mortgage. If however, you needed to borrow 430k, the fixed rate would be closer to 6.5%. The difference in mortgage rates, historically would have between .25% and .33% higher, not 1.0%. This impacts the month cost of a mortgage.
Conventional Mortgage limits are regulated by the GSEs, Freddie Mac and Fanny Mae.
As part of the economic stimulus package that Congress just approved, there was a provision to increase the GSE mortgage ceilings. Fortunately, all of Rhode Island was increased from $417,000 to $475,000. This means you can borrow up to 475k at the lower rates. This will help to stabilize prices. It will have significant impact in East Greenwich where the average sales price is just over 500K.

What was even more encouraging was the change in the FHA limits. FHA has historically been the source of funding for people with limited cash and who would not fit conforming underwriting criteria. FHA was super ceded by sub prime financing. Sub prime is essentially gone now. FHA will be the alternative. The limits for mortgage have been increased from 316k to 475k for single family, $608,100 for two families, $735,050 for three families, and $913,450. for a four family. The higher limits do come with a change in the amount down. Prior to 5 March 2008 you could finance a property with 3% down, now you will need 5% down. You may need more or may need to re negotiate the purchase price if the appraisal does not come in at the agreed upon price. Appraisals are critical now. The FHA program will have most value beyond East Greenwich. FHA is also a great tool for people who need to get out of sub prime mortgages and need a ‘flexible’ alternative.

If you are looking to finance a new purchase or re finance a house get some professional advice from someone who know the new financing choices. It is much better now than it was a week ago, but get expert advice, it will make a huge difference.

Realtors are really encouraged by these changes. It will help move us back into a normal market. A normal market can be either a buyers market or a sellers market. But is a normal market, credit worthy buyers can obtain fairly priced mortgage money. It is a good time to buy a house and obtain a mortgage. Just get professional advice: Call a Realtor!

8 tips for pricing your home

Bankrate.com
8 tips for pricing your home
Saturday January 12, 6:00 am ET
Cheryl Allebrand

It's tough being the seller in a buyer's market. But you can improve your odds with the right research
In many cases, making a smart deal and getting the best price comes down to studying your market and being an educated seller.

"You've got to know more than you would have if you'd sold a year ago," says William Poorvu, professor emeritus at Harvard Business School and author of the upcoming book "Creating and Growing Real Estate Wealth." "If you want to protect yourself, you have to become knowledgeable."


8 factors to keep in mind as you prepare to sell:

1. Recognize that housing markets are local.
2. Analyze who is buying and selling in your market.
3. Ask the professionals.
4. Know what your house is worth.
5. Consider strategic pricing.
6. Rebate your "commission."
7. Evaluate whether you really have to sell now. 1. Recognize that housing markets are local.
Home prices are like the weather -- very different in different areas.

In many markets, home prices have actually gone up from last year, says Dick Gaylord, president of the National Association of Realtors.

In addition, demand will change depending on the price range and even the neighborhood. What you need to know: What's the demand for a house like yours in your area?

"You have to look at what's being sold and at what price," says Poorvu. "That's important."

Look at comparables for similar houses. Study prices and sales for one year ago, six months ago, three months ago and current numbers, says Gaylord.

What are the trends? Are prices going up or down -- and by how much? How many days are homes staying on the market? If they are on the market longer, how much of that could be seasonal? In many areas, spring and summer are the busy seasons.

Pay special attention to "the delta between the list price and the sales price," says Ron Phipps, broker with Phipps Realty in Warwick, R.I. That is, look for a meaningful relationship between list price and sales price. Perhaps most homes are selling for 5 percent less than the list price.

"An agent who works the market will be in the best position" to find "the tipping point between nice, attractive and interesting -- and being sold," Phipps says. You want to find the point between, "Hey, that's interesting," and "It's too good to pass up."
If you're not using a real estate agent, it's especially important to use the Internet, visit open houses in your area and study home sales in your Sunday paper, says Greg Healy, vice president of operations for ForSaleByOwner.com.

But you also need to realize that the paperwork alone only tells part of the story. While sales and prices are public, many times seller concessions are not.

2. Analyze who is buying and selling in your market.
What's your competition? Who are the buyers, and why are they shopping?

Do you live in an area like Phoenix, "a growing market with people coming in," says Poorvu. Or are you living in an area that doesn't attract a lot of new residents, where many shoppers are "bottom fishers" who don't have to buy but are "looking to pick up a bargain," he says.

Are you competing against a flood of new houses from builders eager to sell, or are you selling a newer home in an area where most of the housing stock is older?

3. Ask the professionals.
Don't ignore the elephant in the living room. When you interview real estate agents, ask about the market conditions for your area and price range.

Specifically, ask about the "absorption rate" says Phipps. What that means: In the current conditions with the current inventory, how long would it take the market to absorb or sell, all the houses on the market?

If the supply is much larger than the demand, ask potential agents how they would "price to offset that inventory," he says.

4. Know what your house is worth.
Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

5. Consider strategic pricing.
Here's how it works: If prices in your area are dropping 1 percent each month, and you want to sell within the next three months, you take 3 percent off your price right off the bat, says Phipps. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.

The upside: You'll have the competitive edge over the guy who's dropping his price every month, without the air of desperation. Plus, in a market where prices are falling, you'll make more money if you sell quickly.

The downside: Predicting the market is a tough call, even for the pros. And it's really difficult to raise the price if your market starts to rebound, Phipps says.

6. Rebate your 'commission.'
If you're selling it yourself and need to move quickly, consider subtracting half of what would have been the commission from the sales price, says Healy. The standard commission is about 6 percent, so if you subtract 3 percent, your $300,000 house would go on the market for $291,000, he says.

Listing a home for "$9,000 to $10,000 under that value should create higher interest," especially if it's new to the market, says Healy.

The downside: If the house doesn't sell and you end up hiring an agent, you'll need to cover the commission, which may mean raising your sales price or taking a smaller profit.

7. Evaluate whether you really have to sell now.
If you want to get the best possible price for your home and the local market is tanking, "see if you can delay the sale," says Poorvu. Otherwise, in a lot of markets, sellers have "to be willing to accept a pretty good haircut over what they thought their home was worth last year," he says.

The downside of waiting: The market could decline or your circumstances could change to the point that you might need to sell quickly.

But for situations where the move is optional (or you might be able to rent the property until your local market improves), waiting is a solid option.

Just because you've already planted that "for sale" sign doesn't mean you can't change your mind if you're not seeing the interest you anticipated.

"If you know there are no sales or sales are decreasing, and you have the opportunity," taking it off the market is a decent solution, says Healy. "I think we're seeing a lot of that."

8. Assess the market where you plan to buy.
If you're selling one house and buying another, look at the market where you plan to move. Says Poorvu, "It might be that, with the housing there, it's a great time to buy."


8. Assess the market where you plan to buy.