Wow, that’s what I’m talking about.....I’m tired of shivering and shaking.
Everyone wants to know if the bottom of the real estate market has finally been reached...everyone’s asking if prices are going up?...are interests going down?...Whatis going on in our market?
Well, based on several indicators, such as MLS statistics, discussions with activebrokers, builders and lenders, and my personal experience, it would appear thateveryone’s getting the feeling back in their collective hearts. Yes, people, the numbness is starting to wear off and our toes are wiggling, there’s a bounce in our step andmaybe, just maybe, we are going to make it through. Yes, we’re all a little beat up, butthis too will pass.
Researching the latest sales information, it does appear the inventory of single family properties is being absorbed. With the foreclosure market shrinking and short sales taking over the market, it’s tough finding a “sweetheart” deal anymore.
Another observation: seller’s are either throwing in the towel or their realtors are gettingthrough to them; asking prices are becoming more realistic. Relatively high list to sellratios-96% of list price, is typical nowadays. And of course, when the seller lists his/her property at a marketable price, the days on the market are shrinking. HALLELUJAH!
On the buyer’s side, this news has created a greater sense of urgency. Many times onmy property tours, I have shown a house in the morning and by the afternoon the listingagent calls to say it’s under contract. No joke! The rush to buy will be upon us this summer and buyer’s are going to be buying in record numbers. As buyer’s agent, itmeans we will have to be diligent in satisfying the needs of our clients. Yes, our work is still cut out for us. With list prices becoming closer to sell prices, there is less room for negotiation and seller’s are going to know it.
Now don’t misunderstand and think it will be a walk in the park! We will never see the“glory days” in financing again. The mortgage companies are the “party poopers” withtheir stringent lending practices. I’m not suggesting we go back to “no doc” loans, butcome on,,,,,it takes a village to bring a deal to closing.
To sum it up, a competitive real estate market is returning and things are going to startmaking sense again.
-Dee Pearce