No surprise here, but the word on the street is that short sales and foreclosures aren't going away any time soon. We in the real estate community have been advised by a number of sources to prepare for another two to three years of the same battle we've been facing for the last couple of years. New waves of short sales and foreclosures trickling out from the banks slowly (which is good), but in a very disorganized fashion (which is bad).
So, is the news all gloom and doom? No. Surprisingly, this room full of over 100 Collin County Realtors was attending the National Association of Realtors training class on Short Sales and Foreclosures - What Every Realtor Should Know. And, the atmosphere was very upbeat and positive. Why? We know that the percentage of our market that has succumbed to short sale or foreclosure has been relatively small in comparison to the rest of the country. We know that we are blessed to have been one of the last regions to experience a downturn, and we see the signs of new construction and resale sales showing steady improvement all over the Dallas/Fort Worth Metroplex.
We do have some war stories. Don't get me wrong. We've seen our share of nightmares, and they take just as long to go away. We shared a few of those yesterday and commisserated. But, an interesting thing happened as we were wrapping up for the first break. The instructor asked if anyone knew of an area in DFW where we were seeing the short sales and foreclosure shrinking, resale home sales rising, new construction going up, and more buyers demanding distressed properties than we had available properties. The resounding 'YES' was followed by "Prosper".
I felt like Sally Field on Oscar Night...They get me, they really get me. My primary market is Prosper, TX. How many months now have I been blogging about the steady improvement in Prosper. How many months have I mentioned the new slab being poured and the builder specs that were selling? My peers see it. They know that if you come to Prosper, you've got to train your buyer clients that you're buying in a pretty balanced market. Those deep discounts aren't realistic any more. That ship has sailed.
As a Prosper resident and a Prosper Realtor, this was good news to me. And, you know I love to share the good news about Prosper, TX.
Have a blessed day!
Ronda
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