Q: When is a house in a Buyer’s Market suddenly a house in Seller’s Market?

A: As soon as two different buyers want the same home. I was just reminded of this today when we had two offers on a home that’s been listed for two years. What was the catalyst to the increase in activity level? A repositioning in price to finally stay ahead of the market.

I also want to share a quick summary of the May ’08 Livingston County sales data:

Livingston Co Sales Statistics Summary, May 2008
Residential & Condo

• As you can see above there is some good news for sellers: Listings Received are down, Pending Sales are up, and On Market Listings are down.
• The other numbers tell us that we’re not out of the woods yet: Falling Average Sale Price and a steep increase in Bank Owned Sales for our market.
• One more quick statistic: we had an average of 19.8 months of supply on the market on 5.31.08. As you may remember, there were 19.4 months of supply on 12.31.07. We still need that number to start to drop significantly, but we are thankful that it is no longer growing at an alarming rate.

And for some additional good news…we are feeling a buzz of activity in our office right now. For my team, “buzz” is not immediately measurable, but is typically sign of increased activity and sales. I am excited that on Friday we have four closings scheduled.

Bruce Hardie Speaks to Southeast Michigan Realtors

Bruce Hardie works the Spokane, Washington real estate market. He came to Michigan in May to share the change in the real estate market in Spokane. Their market turned about March 2007 according to Bruce. Ours changed much before that, didn't it? In fact, we in Southeast Michigan saw a change about 2 years before Spokane.

Bruce, in a very short period of time, made adjustments to his business that helped his sellers and buyers to be successful in a declining real estate market.

Some people are able to adapt quickly to changes. Bruce is one of them. We try to shift quickly also when we see the wind blow from a different direction. Have you ever seen that Successories poster of the sailboat with the caption, "when the wind changes direction, adjust your sails"? Well, we at Buckley Jolley are doing that on a daily basis. Even our job descriptions begin with "Expect Change".

We are here to serve Buyers and Sellers. And, we do whatever it takes to help them achieve their goals.

Karen Jolley

Karen Jolley is a broker/owner of The Buckley Jolley Real Estate and has been successful as captain of a sailing team.

9-1-1 Calls

I think one of the most important systems for selling houses is responding to buyer leads on listings we have in our office. According to the National Association of REALTORS, over 85% of buyers will search for their next home online. I expect that number to increase as the price of gas creeps up. It is much cheaper to sit in front of the computer than it is to drive around. Additionally, our online listings have virtual tours and multiple photos of the interior which you can not see from your car.

Our sellers know that we have someone in the office 7 days a week to help the buyers that register on one of our websites as well as the buyers who emails us a question or a request for a showing.

It is a win-win situation for all involved. Buyers receive the help they want immediately. Sellers get interest from buyers on their property and possible showings. And we are able to help both parties.

So save some gas by checking out our website, www.BuckleyJolley.com and click on featured listings. Sit back, relax and enjoy your virtual showings.

Karen Jolley is a Broker/Owner of The Buckley Jolley Real Estate Team

Market Update for Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

I hope by now you realize that I’m a “glass half full” guy. I am always looking for the positive in this real estate market, while reporting the facts and stats as they occur. I think that’s one of the reasons our company has been able to help so many clients through these New Market conditions.

As I look at the April ’08 numbers, some news shows positive signs of slowing depreciation:
* 13% less homes one the market on April 30, 2008 vs. April 30, 2007
* New listings coming on the market in April was also down – 8.4%
* Pending sales were up almost 20% from April 2007

Some of the other numbers show that we are still experiencing a correcting market:
* Sales in the county were basically flat from a year ago (-2.4%)
* The average sale price has dipped 13.1% in a year
* Obviously sales volume is also down

Here is a summary of those numbers:
Every month, I also look at each individual sale in the county and categorize the homes as traditional sales, corporate/relocation owned, short sales, and bank owned properties. This past April, the latter three categories continued to increase. I gather this information to the best of my knowledge through the multiple listing service.

Of the 161 sales, here’s the breakdown:
* 81 traditional sales (50%)
* 59 bank owned (37%)
* 12 short sales (7%)
* 9 Corp/Relo sales (6%)

This market is what it is. Most of our clients understand it and are seeing success. In fact, we received an offer on Monday for a home that hit the MLS on Friday. Three other Buckley Jolley listed homes went on the market in May and already have offers. This shows that in any market, a home priced and marketed correctly will sell in a reasonable amount of time.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

We’ve been busy. That’s good news for you and me. The phone and email inquiries have been strong, the showings are up, and we just received three offers today.

Would you believe there is a price point in Livingston County where sellers are receiving multiple offers and for full price? It’s true. Sellers with homes $100,000-$150,000 are experiencing a Seller’s Market. There are more buyers than properties right now in that sub-market of our larger market. So, what does this mean to you? My hope is that we will begin to feel a domino effect throughout the entire market. A buyer purchases a $140,000 home and that seller buys a $225,000 home and that seller buys a $400,000 home…I am cautiously optimistic about the increased activity. When the time supply of inventory of homes starts dipping, I will feel better about pricing leveling off. That has not happened yet.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

This past weekend was busy here at Buckley Jolley and the trend has continued early this week. This is a bit of good news for our seller clients. The activity level is increasing up which is translating into more sales in the county.

The February sales statistics were just released and the number of sales was up 19% from February of ’07. We are cautiously optimistic about this news. I have attached this document for your review. As you see, the other side of the news is that the average sale price in the county is down from $212,900 in ’07 to 198,056 this year. This does not come as a surprise to us as we found price lags behind sales quite a bit. We are certainly not out of the woods yet.

Looking closer at the stats we see the foreclosure closings and short sales are a HUGE percentage of those increased sales. It looks as if foreclosures are continuing down the pipeline also. Last Friday alone, there were 26 foreclosure notices in the Press & Argus. If those owners are not able to catch-up on their payments, those properties will be bank owned in about 7 months and will be hitting the market shortly after that. To help reduce the number of foreclosures in our area, we have started a new division of our company. You can read all about that thru the following link:

http://www.livingstonliving.com/2008/03/buckley-jolley-real-estate-team.html

What to expect in the weeks to come? When the snow melts, more buyers start looking for homes. Also, more homes come on the market. So there are more people looking at your home and there is also more competition for your home.

2008 Livingston County Real Estate Market Report

Wondering where the real estate market is heading in 2008?

To help forecast the future of the market in Livingston County, The Buckley Jolley Real Estate Team believes looking at trends and current statistics will provide a window to what is in store for 2008 and beyond.

The report has been designed to assist both sellers and buyers alike. Average sales prices in the county, new building permits and supply of homes are just a few of the items covered since 1998.

This detailed booklet also lists sales, number of available homes in recent years, and professional predictions on the future of our real estate market.This comprehensive look is available to you for download by clicking on the picture above.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Now more than ever, everyone is asking, “What’s going on with the market?” The answer is not as short as the question.

In summary, my answer is that values continue to dip in our market, and there are signs that homes may not depreciate as much in ’08 as they did in ’06 & ’07. Notice I said that homes should still depreciate, but not at the same rate. The number of listings on the market along with the number of sales is leveling off. However, this does not mean prices are leveling off.

The average Time Supply of Inventory in our market has been climbing since 1999. Time Supply of Inventory looks at the current supply of homes on the market and compares it with the current rate of sales. Ultimately, we want to know how long it would take to sell that inventory. At the end of ’99, we had an average of 4.6 months of inventory on the market. It’s no surprise that we saw somewhere around 10% appreciation that year. From ’01-’03 the average was 7.3-7.7. During this time we witnessed 1-4% appreciation. At the end of ’04, there was 8.7 months of supply. This is the point in which most Realtors believe homes started depreciating. Right now we have nearly 20 months of supply on the market. The graph below shows this data. So what does all this mean? I believe the Time Supply of Inventory will need to be around 8 months again before prices level off. We have a long way to go. If there is say, 11 or 12 months of supply on the market there will still be depreciation, just not as high as we are seeing currently. Instead of 10-20% depreciation we might only be seeing 3-5%. The point is the market needs a combination of fewer homes on the market and more sales to decrease the time supply of inventory. In the meantime, we are racing to sell your home before it depreciates more.

Now are we giving the same answer to the “How’s the market?” question to potential buyers? Absolutely NOT! We are telling them the truth on the buyer’s side:

* A high number of homes to choose from
* Low interest rates
* Low prices

These factors make this an ideal time to buy.

If in the near future:

* Interest rates climb at a higher rate than the rate of deprecation
* Inventory levels (choices of homes) drop

Then today might just be the best time to buy in history!

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Hello again SELLERS,

Happy New Year!

Notice I didn’t say “potential sellers” above. That’s because I believe ALL our listings are sales that just haven’t happened yet. Some agents play the numbers game and list a great number of homes knowing that some will sell and some won’t. We take a different approach and that’s why our number of sales was up 20% in ’07, while countywide the number of sales was down 12%. If I didn’t believe we could meet your goals, I would have politely declined the listing. It doesn’t do either one of us any good just to have a sign sit in front of your home. Since you are receiving this message, you made the cut. We know your home will sell. However, we all must stay proactive in the process.

Complete knowledge of this changing market and reporting those stats to you (no matter how brutal they may be) are the key to our success. Sure, we market our homes better and put your home in the right place for a buyer, but pricing is what will get your buyer into the home. The stats and trends direct our pricing. Think of this process as a day out on a fishing boat… Our initial market analysis is our first reading on the depth finder. We’ve located the fish. If no bites, we look at the depth finder again and determine that the fish have moved and maybe try a new lure. This is the equivalent to our seller updates. With the correct proactive steps, the fish will bite and your home will sell.

In ’07 we found new “lures” that worked: additional websites, expanding our TV commercials, and completely overhauling many of our systems are just a few examples. We anticipate making more changes throughout ’08. We track every call into the office so we can look for trends. If one type of advertising is no longer producing and another is seeing an increase in leads, we will shift our marketing dollars accordingly.

As far as keeping up with the sales stats, I wanted to share a more visual representation of those figures. I’ve mentioned before that the county has over 26 months of inventory on the market currently (time supply). This graph shows our active listings in the county and how those numbers relate to the sold and pending sales over the last two years.

I’m looking forward to helping you achieve your goals in 2008. That includes a SOLD sign in front of your home.

Talk to you in the next week!

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

“This market is a PRICE WAR and a BEAUTY CONTEST.” Those were words of wisdom I heard last week from an agent who had been in the business for many years. In her market of Virginia Beach she has seen highs and lows over the years. While the aforementioned quote is true in any market, it is dead on center in today’s market.

She explained to me that her market has seen peaks and valleys over the years. Residents there are used to changing markets. Up until a few years ago our market was stable, with little volatility either way. We weren’t used to a changing market because it had never happened in Michigan. It has taken a while for most homeowners to come to terms with the fact that their home is depreciating at a rate of 10-15% a year for the last 2 years. As a homeowner, it certainly makes me queasy.

My goals in getting your home sold have remained unchanged since we first spoke:
To sell for the most money possible in the shortest amount of time. (The Rolling Stones song does not apply to this real estate market. Time is definitely NOT on our side.)

As you’ve probably heard me say, this market is a moving target. Last month’s price is ancient history. Some of our sellers have taken proactive steps in staying in-front of the market instead of chasing it. It’s no coincidence that those properties are getting activity and offers.

Clearly marketing, exposure, and communication are important factors in getting to the closing table, but PRICE is the determining factor whether your home will be chosen.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Hello again,

Last time I mentioned that some of our sellers were repositioning their pricing for the changing market and others had decided they simply can’t make the numbers work anymore. That trend continued over the past two weeks. Those sellers that remain on the market are focused and determined on being the best value in their price range. My team’s focus remains clear: to sell your home for the most money possible.

The trend of less sales in the county continues. One bit of good news from the stats: Net 168 less homes on the market in Livingston County on October 31, 2007 vs. September 30, 2007.

Although values are continuing to fall along with numbers of sales, our company remains very optimistic. In fact, we have just welcomed a new Buyer Specialist to our team this week. A fourth Buyer Specialist has committed to joining us in the first week of December. That same week we are also adding two contiguous offices to our current space.

We continue to remain positive about getting your home SOLD in the near future.

The October home sales statistics for Livingston County, posted by The Livingston County Association of Realtors can be found here.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

This has been an interesting month and a half. We have seen showing activity continue to slip along with offers. Not a surprise that they go hand-in-hand. Our web activity has continued to be strong, which tells me that people are reluctant to actually set up showings but they are still actively searching online. We feel this should change soon.

As you can imagine, Livingston County’s time supply of inventory is continuing to grow. Again, we determine time supply by dividing the number of active homes and condos by the number of sales over a given time. I use an average of the last twelve months. So, on August 31st, there were 3540 available homes and condos in Livingston County and an average of 147 sold properties per month. This equals about 24.1 months of supply at the end of August. For reference, on December 31, 2006 there were 17.7 months of supply on the market (August stats are attached as a PDF document). As you can probably guess, this trend leads to depreciation. That’s why we have been very progressive with pricing of our listings. We know we are in a race to get homes sold for the most money. Most of our seller clients have appreciated our direct communication knowing we are working in their best interest.

As the market continues to shift, so does Buckley Jolley’s marketing plan. We are close to officially launch our newest website through the provider, http://www.number1expert.com/. Temporarily it is found at the domain http://www.movemeanywhere.com/. Our affiliation with this company has allowed us to expand our coverage for our listings to new websites. Now our properties can be found on the following websites:

http://detroit.craigslist.org/ (All of our properties are currently listed on the Detroit version of Craig’s List)
http://www.homes.com/ (The #2 most viewed real estate website behind http://www.realtor.com/ which your home is already on)
http://www.harmonhomes.com/ (The #3 most viewed real estate site)
http://homes.number1expert.com/ (This site is publicized in real estate trade publications throughout the world)

We have already seen quite a few leads and our listings were just added to those sites within the last 5 days.

While exposure is a critical component of getting your home sold, pricing is still the most important issue. Some sellers want to leave “room for negotiating” and have decided not to adjust their pricing. Unfortunately, negotiation only occurs once an offer is received. Since buyers can be picky, overpriced homes typically never get offers. “Overpriced” is a relative term and pricing continues to be a moving target, unfortunately downward. Most of our clients understand this and they will be the fortunate ones who will see the following activity:

Web traffic
+ Multiple Listing Service traffic
+ Showings
+ Offers
= Sold

It seems so simple but being overpriced can interrupt this flow at any point.

We continue to position your home for the most web and MLS activity, showings, and offers so we can put a SOLD sign in front of your home!

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Here we are, the day after the tornadoes and storms have swept through our area. I am hoping you are all safe and your homes have come through without damage. After hearing about the Tigers' game being delayed and then finishing at 3:30 this morning, I truly believe that Michiganders have a strong spirit!

Having heard all the recent news about the mortgage crisis, I would like to make a couple comments.

* The news of the Sub-Prime meltdown has caused lenders to "raise the bar" with 100% financing and other loans that are greater than 80% loan to value. Buyers need better credit scores than they did in the past.
* We know of banks that still offer 100% financing, but buyers may need to get requalified before moving forward.
* Because of the above, we have noticed at Buckley Jolley, a decrease in the amount of showings on our listings over the past two weeks. We expect it to pick up again after Labor Day Weekend.
* At Buckley Jolley, we are experiencing an increase in the number of sellers owing more than what their house can bring in today's market. This is now becoming more and more the norm.
* We have experience working with these situations and are now working with an outside consultant to negotiate with banks for short sales once we receive an offer on the home. Sellers must be able to prove they have no other assets and extreme financial distress due to loss of income or other financial obstacles before a bank will approve a short sale. In other words, this is a last resort before foreclosure.

The hope in this market lies in the fact that you can sell your home. It is possible. One of our Buyer Specialists has had 5 signed purchase agreements for her buyers this month alone! Our office had 4 closings in the last 2 days. As I write this, two of our Buyer Specialists are meeting with buyers to discuss purchasing a home. We keep our heads down, work hard and work with you to get the job done.

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

The Livingston County Association of Realtors has just released sales statistics for July ’07. Here’s a quick summary of that data:

July ‘07 # of sales in Co. - 148 Average sale $ - $217,580
July ‘06 # of sales in Co. - 178 Average sale $ - $255,156
July ‘05 # of sales in Co. - 282 Average sale $ - $250,908

Through July ’07 there were 165 fewer homes sold in Livingston County than the same time in ’06. ’07 vs. ’05 is down 599 homes. As expected home values continue to dip in today’s market, which is the new normal.

We are committed to making our clients’ home the exceptions in the market. Our company certainly has been the exception: At this time last year we had helped 61 families. So far this year, we have helped 76 families (and we may be to 80 in the next few days)!

Market Update for Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

I’m hoping the rest of July is consistent with the activity Buckley Jolley has had since the first day of July. We had a flurry of showings, 5 seller listings went under contract, and 4 of our buyers had accepted purchase agreements. That’s a total of 9 sales in 12 days! One thing I found over the years is that my gut is right about sales spurts and it’s telling me that we’re in one.

I know I sound like a broken record, but Buckley Jolley continues to out perform the market. Our number of sales Jan-June ’07 were up 18% compared with the same time in ’06. The entire market, however, is down 14% for # of sales and 22% for sales volume. Also, 6% more homes have been listed YTD in ’07 vs. ’06.

Translation? More homes for sale + less buyers = challenging market, but not impossible. 825 Livingston County residents sold their properties in the first six months of this year. We want you to be part of those statistics next time around. Remember: Price > Value > Buyer Interest > Showings > 2nd Showings > Purchase Agreements > Accepted Purchase Agreements > SOLD!

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Summer is officially here!

In the past I’ve mentioned my real estate coach, Howard Brinton, to my sellers. As a recap, Howard is a top real estate mind who Karen Jolley and I speak with 1-2 times per month. His experience and expertise have been invaluable to our organization. Often times he shares relevant information from top agents throughout the country. This week Howard sent us an article written by an agent in Florida. I thought it was very interesting, so I am summarizing it for you. Denny Grimes and his team are experiencing a challenging market in Ft. Myers, FL. and here’s his take:

Sellers who are trying to sell their home in this market most likely will not be successful. Only those who are committed to moving will sell. Price is the single most important issue a seller must face. To get to the closing table, we need to do what it takes to sell your home. We must forget about what we paid, what we owe, what our re-fi appraisal says, or what Zillow.com reports. In today’s market, none of that matters.

As I was reading Denny’s article, I kept thinking of one of my favorite childhood movies; Star Wars: The Empire Strikes Back (Now my kids love these movies and I get to watch them again!). My fellow Star Wars geeks will remember the following dialogue between Luke Skywalker and Yoda:

Luke: All right, I'll give it a try.

Yoda: No. Try not. Do... or do not. There is no try.

I know this is a corny reference but I’ve often thought about this over the years as it relates to anything I am involved with. As Denny mentions in his article, “Sellers must be committed to systematically lowering the price, until showings increase. Showings will lead to a sale.”

And now for the sales statistics...
The May '07 sales stats are in for Livingston County. To summarize, # of sales were down 23.5% as it compares with May ’06 and sales volume was down 34.3%. Thankfully, sales at Buckley Jolley continue to grow and buck the trend in the county.

Livingston County: May Sales Statistics

Well, the sales stats are here again and Livingston County has seen another dip. While April ’07 saw more sales than April ’06, the number of May ’07 sales were down 23.5% from May ’06. Sales volume was down 34.3% from one year ago and the average sale price dropped from $252,283 to $216,663.

So where’s the positive spin on this bit of news?

As we’ve mentioned to our clients before, the market only affects those who are currently IN the market. If you’re not in the market, think of it as a stock that you plan on keeping. The two numbers that matter most are what you paid and what you eventually sell for. That stock could fluctuate $50 a share tomorrow (positive or negative), but it really doesn’t matter unless you sell it tomorrow.

If you are in the market, most likely you are both selling and buying. Your current home may have dropped it’s value in the last 2 ½ years, but so did the home you are looking to purchase. This market is perfect for move-up buyers and first-time buyers. They see the most value in their purchase in a softer market.

Ultimately, we give all potential clients a comprehensive analysis of their home, situation and needs. Some decide to move and others are not willing to price competitively enough so the market will absorb the property. Either choice is appropriate depending on the situation. Some of our seller clients have decided to sell because their dream next home is now in their price range.

Please let us know if you would like an analysis of your situation. We can be reached at frontdesk@buckleyjolley.com or 810-229-7000.

Market Update for Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Recently, complete strangers have been approaching me and asking about the market. They speak as if the market is a close relative of mine that just passed away. They walk up slowly, speak softly, and ask “How are you during this difficult time?” I let them know that we are optimistic about the future and realistic about the present. I let them know that we have been able to help 50 families so far in 2007. This is not a funeral procession; it’s just the new normal for the market. And in any market, there are opportunities. The Buckley Jolley Real Estate Team continues to keep our heads up and work harder than ever for our clients.

One of my seller clients asked me the other day, “Do you have any good news for me?” So, here goes…In the last 2 weeks two of our listings sold in less than 14 days on market! We’re proud of that and I know those sellers are excited. This dispels the thought that all listings will be on the market for a long time before they sell. The aforementioned sellers understood that pricing competitively was critical and they saw their strategy pay off.

I want to be talking about your SOLD story very soon! -Todd Buckley

Market Update for Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

“Optimistic and realistic.” That was my answer to a recent question from a friend asking about my opinion of the real estate market in Livingston County. As I anticipated in my last update, there were more sales in April ’07 vs. ’06. How many? 10 more in the county for a total of 165, a 6.5% increase. This was the first positive number in some time, but it was accompanied by another number 93. That’s how many more homes were listed in April ’07 vs. April ’06 (a 13.7% increase – and this increase isn’t a wonderful one). So, year-to-date the number of sales in Livingston County are down 11.7% and the number of listings are up 5.6%. All of this information is available in the attached document.

So how has our company stacked up so far this year? Buckley Jolley had sold 27% more homes through April of ’07 than we had in ’06 through April. We have listed the same amount of properties YTD in ’07 vs. ’06.

I wanted to touch on one other item in this update…Bank owned homes (AKA REO’s, foreclosures, etc.). This is growing competition within our market. In fact, 21% of all April ’07 sales in Livingston County were bank owned! This is a HUGE percentage. While there aren’t any official stats available on foreclosures, I would guess that foreclosures would have only made up 5% of Livingston County sales last spring. Traditionally, these properties had been in distressed condition; however, today’s average bank owned property is not a “fixer-upper.” Michigan’s economic woes have led to many of our well respected neighbors, with beautiful homes, to lose those properties. What does this mean to you? Banks are selling nice properties for less money than traditional re-sale homes. This too is a contributor to sliding values throughout our area. Again, this is a price driven market. -Todd Buckley

Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

The grass is finally green, the leaves are almost in, and there is finally some positive news in our real estate market. I mentioned in my last update, I expected that April ’07 sales to be up from ’06. Although the official numbers are not out, my research has found that there was an increase in Livingston County home sales: 155 in ’06 and 162 in ’07. While a 5% increase doesn’t sound that impressive, it is the first time since September 2005 that we have seen a positive number!

Although this is good news, it does not mean that values will level off any time soon. Keep in mind that our supply of homes has continued to grow over the last 2 years. Today, there are 3180 homes and condos for sale on the MLS in Livingston County. So, last month only about 5% of the inventory was sold. We need to see an increased number of sales in the months to come and less listings before homes stop depreciating. Still, April ’07 is a step in the right direction.