Glimmers of hope

Unemployment figures are falling. Not enough to make everyone happy, but after the long, job scarce market, any news of higher employment is welcome and at least some are happy.

Attitudes among many seem up too. A recent survey by RIS Media reports that 41 percent of Americans think it's a buyer's market for real estate. Another 61 percent think a seller's market will be a year or more away. Home sellers in the survey differ in their market perception. Thirty-nine percent are so confident in their opportunity that they are holding out for their asking price. Thirty-eight percent of respondents aren't sure if they'd take less than their asking price while 23 percent say they will. This optimism is heart warming given the dismal attitudes of some in the recent past.

It looks like, if you are a buyer, you have about a one-in-four chance of winning a negotiation at something less than sticker price on the real estate you buy. You may get some appliances as a bonus too. Forty-four percent of those surveyed by RIS said they would be willing to include appliances, normally considered personal property, as a part of the sale of their home. Twenty-eight percent said they would make concessions for repairs or do them themselves. Things like carpet and paint are typical negotiated items either by credit after the sale, or as a condition of the sale.

Meanwhile, the Treasury Department says they will begin "the orderly wind down" of mortgage backed securities by selling off about $10 billion a month. This leaves them with about a 14-month supply at that rate. These security purchases allowed the government to help provide access to mortgages and were by authority of the Housing and Economic Recovery Act of 2008. The treasury says they will make us a profit on these sales. Wouldn't that be nice?

Although interest rates remain remarkably low, the opportunities to borrow at today's rates may not last. Our Federal Reserve will soon end their purchase of Treasury bonds which will likely cause a rise in mortgage rates. As often stated here, the rate you get today is the rate you can keep for 30 years. The rate you get next year you'll be stuck with for 30 years too.

Although it's likely that the sales for March were not all reported at this writing, we did notice a slow down in closed sales with only 214 reported in March so far. That gives us 588 residential sales this year. If we can do this every quarter we will help 2,352 families find new homes this year.

We have all noticed foreclosure sales in our neighborhoods, some more than others. There does not seem to be any slowdown in their availability so the buyers - investors and homeowners - are finding bargain prices and bargain mortgage rates which helps fuel our production and stimulates our local economy.

As far as employment, we would like to see our local employment figures improve, as soon we may. Spring has sprung so work can get done. One can't help but notice the new construction along Interstate 90 and in some areas of the prairie. This means at least some folks are finding work although our new construction sales continue to lag behind recent years, significantly.

Any activity causes us to wax nostalgic for better times, and for many, that yearning is being satisfied as we see activity increase, albeit at lower prices than we have seen for awhile.

Trust an expert... call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker, Realtor and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664 with your questions or commentary.