We Value Bloomington-Normal

Pending sales shows the housing market could edge down but is in the process of leveling off.

The NAR Pending Home Sales Index, based on contracts signed in April, stood at 101.4, down 3.2 percent from an upwardly revised March reading of 104.8.

The index is 10.2 percent lower than April 2006 when it registered 112.9.

The revised March index was 10 percent below a year earlier.

NAR senior economist Lawrence Yun said: “It looks like we may be leaving a period of market disruptions."

According to IAR's latest report, total home sales (single-family and condos) were up 10.9 percent in May 2007 to 14,349 homes sold compared to 12,932 homes sold in April 2007. Sales were 18.6 percent below the 17,622 homes sold in May 2006.

The Illinois median home price in May was $205,000, equal to the median price a year earlier.

"Overall sales are improving each month and we are still seeing positive gains in the median home sale price in many market areas in the state despite the overall housing market adjustment we are experiencing. Illinois REALTORS are reporting homes that are priced correctly and in move-in condition are selling,” said IAR President Robert Zoretich.

“We continue to be in a strong buyers’ market with interest rates inching up and inventory levels giving buyers a greater variety of homes. Sellers are gradually becoming more realistic and flexible in the pricing of their properties.”

The following is from the 2007 a la mode convention blog site:

Our first of three lunch panel discussions, Marketing Your Business and Yourself, featured discussion of general philosophies and tactical tips appraisers can apply in their day to day business.

The overarching theme from all three speakers, Ann O'Rourke, Brian Davis and Dave Biggers, was that you have to realize that most everything you do is marketing, and you need to commit yourself to improving it.

No one makes a decision to buy goods or services after hearing about them once -- you need to approach marketing as a repetitive exercise.

The good news is that if you commit yourself to deploying even the simplest marketing techniques, you'll be ahead of 95 percent of your fellow apprasiers.



The Convention features several classes on marketing. Ann O'Rourke's work on appraiser marketing can be found at her website, Appraisal Today.

Brian Davis is moderator of the 3,000-plus member WinTOTAL User Group on Yahoo and runs the highly acclaimed Appraisal Scoop blog.

a la mode's marketing tips for appraisers are archived here.