February 28th, 2012 12:06 PM by Rob Robbins
What a difference a few months can make in the market.
As you may all of heard through the news the housing market is improving or someone is predicting improvement. That has happened several times over the last 4 years. You can also hear the very next report that we are headed for disaster when the real inventory of foreclosures hit the market. So, who do you believe?
Here's what I can tell you. Our sales are up modestly and buyer activity is surprisingly good for our winter season. It is not just us, all the agents I talk to are busy. I also participate in a couple monthly surveys that cover the United States and several thousand agents are involved. We receive monthly summaries of those surveys and I have been watching them closely. Those surveys show the same thing, the market is recovering.
We have great interest rates, banks are going to loosen the credit requirements some and prices are the best they have been since 2001. It seems to me that the buyers that have been looking are tired of waiting any longer. As I follow up with agents showing our properties we are finding out that the buyers are making offers not just looking which is a dramatic change from the last two years.
Foreclosure property inventory is stable, less short sales on the market, total inventory is not growing and the non-distressed properties are selling. Good news for everyone!
If the activity continues through the spring we have made the turn in the market we have all been waiting for.
If you have a property to sell and you are willing to price it for this market it is time you listed it. If you are a buyer and found the property you want you better make an offer. Seller's are still looking for offers, but don't expect the big price drops you have come to expect.
This is going to be a fun year!
Rob
