We're often asked "What are you seeing out there?" The past two weeks my answer is this: We're seeng activity similar 2004, but different....
I often write about the great deals out there on housing right now, particularly for investors, first-time buyers, and people needing to upsize. I find myself having to say it again, because it is a breath of fresh air for the housing market.
The activity we are seeing in the marketplace is proving it, particularly on homes under $200,000, but certainly not exclusive to this price point. So many bank-owned and short sale properties are sitting on the market at prices far below market value, and investors and first-time homebuyers are snatching them up quickly. In the past couple weeks, both Chad and I have found ourselves in multiple offer situations. And we are not alone. Others in our office are running into the same experience. As are colleagues from other offices.
While our market certainly differs from 2004, the frequency of multiple offer sitations reminds me of the early part of our decade. Except in 2004 the offers were on "traditional" home sales between buyer and seller. Today they are between buyers and banks. Regardless, I think the fact that people are out there vying for properties is an intriguing detail since our news media presents so much doom and gloom. The sooner our marketplace can absorb the short sales and foreclosures, the sooner we can all begin to see our homes appreciate in value.
It's my two cents for the day.... Thanks for reading West Savage Blog!
Sara
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