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SUMMER MARKET REMAINS COOL WITH SAVVY BUYERS AND ROOM FOR NEGOTIATIONS
 July was another cool month for the housing market as declining buyer-confidence continued to take its toll on home sales. In July, contract-sales activity declined 11% from the June level and was 25% below the year earlier pace in July 2005. That this slowdown comes in the midst of the prime March-to-August selling season when home sales should still be running hot provides compelling evidence of a market transition wherein home buyers have greater control over final selling prices than at any time since 1991, a 15-year span.
From an inventory perspective, the number of homes being offered for sale now stands 67% higher than a year ago. This equates to a 9-month supply as compared to only 4-months last year at this time. It is however encouraging to note that Unsold Inventory increased by only 1.5% in July following a 47% increase over the 1st 6 months of the year, which works out to nearly 8% per month over that period. This moderation, coupled with recent declines in mortgage rates present home buyers with an opportunity window that will likely close once mortgage rates continue their upward climb.
From a price perspective, market conditions continue to exhibit the greatest weakness for luxury priced homes. As shown in the table at right, Unsold Inventory below $600,000 stands at an 8 month supply as compared to 27-months above $2.5 million. This weakness in the luxury market has been developing slowly for several years now and will likely continue for the foreseeable future. As a result, expect the market for more affordably priced homes to be the first to recover. | 
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About Appraisals >Refinancing Your Home
Interest rates fluctuate as changes occur in the general economy. If you purchased your home when interest rates were higher, you may want to consider re-financing your loan at a lower rate.
You will have to apply for the new mortgage and have your current income eligibility assessed. Depending on how long you have had your present loan, a current appraisal may be required. There are closing costs, such as attorney, title fees, recording and notary fees, and appraisal charges. The biggest factor in your decision should be the length of time you plan to remain in your home. If you will be there for only a year or two more, it might not pay to re-finance. If you will be in your home longer, re-financing could provide you with lower mortgage payments. Your real estate agent can help you work out the numbers and can refer you to reputable home appraisers and mortgage lenders.
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Why is the Terra Amata site in Nice, France famous?
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Remains of 21 huts found in 1965 are thought to be the oldest known habitation from the Acheulian culture 400,000 years ago.
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Robin Benjamin, ABR
Keller Williams Premier Properties
488 Springfield Ave
Summit , New Jersey
07901
Cell ( first): 973-202-7270
Office: 973- 376-0033 X 287
eFax: 973-532-0217
Email: RobinBenjamin@NUMBER1EXPERT.com
A market recovery? You still waiting for the proverbial bottom? Being a full time Realtor since 1996, I've acquired a versatile and extensive knowledge of this unique and exciting market. Being a realtor in today’s shifting market, requires an understanding and training in a multitude of professions. A strong motivation to work closely with you to meet your specific needs, no matter where you desire to call your dream home, is key with today’s educated buyers. Energy, market knowledge, honesty, and guidance through the process from contract to closing.    
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