I’ve had this discussion with almost every potential seller this year so far… what it takes to get a sale, versus simply being “on the market”. The South Florida Sun-Sentinel puts it in easy to understand terms in their article today, “Selling your home means being realistic in a down market”. [...]

The New York Times today has an interesting and thought provoking article, A Real Estate Deal Seen From 2 Sides, which has fictitious letters, one from a buyer to a seller, and the response from the seller. [...]

While there are a number of somewhat positive signs, there are an equal number of negative signs in the various markets. Some of the areas that have held up well have just recently seen declines in sales, while some of the hard hit areas are now seeing improved sales.

The number of homes sold in Palm Beach County in April 2008 was 662, up significantly from the sales in February and March and even with the figures from the same month in 2007.

Buyers rejoice! In 2007, Fannie Mae had designated Palm Beach County a “declining market” and since late last year was adding an extra 5% to most down payment requirements in our market area.

Fannie Mae changed that policy today: