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located at 6721 Covington Hwy, Lithonia GA, and will have 20,250 sq. ft.

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Homes sales dip; prices fall sharply

Realtors' group says April sales by homeowners declined by 1%, while inventory jumped 10% and home prices tumbled another 8%.

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By Catherine Clifford, CNNMoney.com staff writer

Last Updated: May 23, 2008: 12:01 PM EDT

The National Association of Realtors announced Friday that sales in April slid 1% from March, which is down 17.5% below April of 2007.

NEW YORK (CNNMoney.com) -- Sales of existing homes slowed in April while inventory soared, according to a reading of the sagging housing market released Friday.

The National Association of Realtors reported that sales by homeowners dipped in April to an annual pace of 4.89 million, down 1% from the revised March reading of 4.94 million.

The existing home sales rate - including single-family, townhomes, condominiums and co-ops - is 17.5% below the 5.93 million units sold in April 2007.

The 4.89 million sales figure came in slightly ahead of the 4.85 million estimate forecast by economists surveyed by Briefing.com.

The median price of a home sold during the month fell to $202,300, down 8% from $219,900 a year ago. Prices are being pushed down by the growing number of existing homes on the market.

Homes available for sale at the end of April rose 10.5% to 4.55 million, which represents an 11.2-month supply at the current sales pace, up from a 10.0-month supply in March.

"This was the latest in the long string of disappointing results," said Mike Larson, real estate analyst for Weiss Research. He said he expected "relatively disappointing numbers for the next couple months."

What a difference a few years make

Larson put the April existing sales number of 4.89 million in context: in September 2005, the annualized pace was 7.2 million units. That means the current rate is more than 30% down from the peak - the housing market is not booming.

Before the start of the current housing slump, it had been 11 years since prices had fallen compared to a year earlier.

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Before you buy your next home here are top things to know!

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

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Credit scores, along with your overall income and debt, are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.

1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.

3. Don’t charge your credit cards to the maximum limit.

4. Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5. Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.

6. Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.

7. Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8. Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

Your Real Estate Professional making your dreams come true with ownership!

Claudia J. Wilkerson

Associate Broker

21 Highway 138

Riverdale, GA 30274

770-598-4333 - Direct

770-849-8554 - Office

866-275-1189 - Fax

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