Even though it really hasn't felt very summery so far this year, it actually is summer and the summer real estate market is under way. The initial flush of spring buyers has now morphed into more of a steady trickle of buyers entering the market after feeling that the bottom has probably been reached. Meanwhile, properties are pouring onto the market at a pace more reminiscent of early spring. So buyers are enjoying a wide selection of homes to look at except for the $150K and under price-range. The influx of first time buyers into this pool of properties has decimated an already thin supply leaving only some pretty chancy selections, i.e. houses that need a lot of work or located in a less than desirable spot.

Sellers are waiting longer and taking less pretty much across the board. Financing is possible but aggravatingly nit-picky. It would be so nice if lenders could achieve some consistent lending policy that is somewhere between giving everyone a loan regardless of their qualifications and making it impossible for anyone who actually needs a mortgage to get one and then stick to it for a while. I know it sounds controversial and out of the mainstream to suggest a fair, consistent, and defensible lending policy, but it would sure make life easier for buyers, sellers, brokers, and everyone else associated with the real estate industry.

But, enough whining!  There are plenty of bargains to be had and a load of good properties for sale at prices not seen in many a year. Patience seems to be the most necessary quality these days. Sellers patiently waiting for a buyer; buyers patiently waiting for prices to hit the bottom, and everyone waiting patiently for lenders, underwriters, loan committees, appraisers, and attorneys to review, review again, delay, and delay again and finally close a few transactions.