Jul 22

Written by: David "The Diamond" Oswald
7/22/2010 3:45 PM

Hi,
 
Wow, I feel good...been living with a nice balance of work and fun for quite a while now.  It does wonders for your temperment when you don't allow high levels of stress to run your life.  Not to say you don't need to handle important items but living with balance allows you to sort out what is actually important and gets you to act on those things right away.  By the way, I recently took on a couple of new real estate investing students, if you've ever thought about having a coach or mentor, check out www.DavidOswaldOnline.com today.

Trulia Real Estate Website Says Buyers are Still in Control
 
Buyers are in control, as a growing supply of unsold homes add up to the price cuts in nearly one quarter of U.S. home market, in May. As in April, sellers lowered asking prices at least once on 22 percent of homes listed as of June 1, unchanged in the month and up from 20 percent two months ago, San Francisco-based Trulia said in a report provided to Reuters before official release. Price-cutting on luxury homes listed at $2 million or more was unchanged in May, with an average discount of 14 percent, Trulia said. However, homes in this category account for less than 2 percent of total inventory, but almost one-quarter of total dollars slashed from all homes for sale.
 
Sellers may face a setback after a brief spring sales spree driven by a rush for federal tax credits of up to $8,000, which expired on the 30th of April. "For the unforeseen future, buyers will continue to have the negotiating power and I expect we will see sellers get aggressive via price cuts throughout the summer," said Trulia Chief Executive Pete Flint. In the weeks since the tax incentive expired, applications to buy homes toppled to a 13-year low and home builder sentiment worsened.

Sellers slashed a total of $26.7 billion in May from asking prices, more than the $25 billion in April and $22.8 billion in March, according to Trulia. Despite a year of tax incentives housing market is likely to have a more solid footing, only with a significant improvement in employment, economists agree. Government data earlier this month showed private-sector hiring rose by 41,000 in May, far overshadowed by the 411,000 temporary census jobs.
 
Warmly,
 
David Oswald

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