Having worked 7 days a week from Jan 09 to about a week ago, I know the market in the metro DC area. We had 2007 and 2008 where the buyers were not going to buy while prices were dropping. Jan 15th of 2009 my phone started to ring and it didn't slow down at all (even during the week of Christmas) until about 2 weeks ago. Which, if you think about all the people that want the tax credit, expiring on Apr 30, seems odd. I have had buyers over the past 15 months that wrote on many listings in the area at full price or more and couldn't get anything. I have had buyers drop out and continue renting as they couldn't buy. I had a buyer write at more than full price on a $600,000 plus single family and get beat out as 5 of the 7 offers were cash!!
This market seems to have come back, although there are many more foreclosures coming in the next 2 years in certain areas. And the short sales are going to be around for a while. I have written on about 150 of them and just recently had my strangest experience w short sales. I settled last Friday on one where we wrote last November on an "approved short sale" which is one where the bank has approved the terms. The agent sd that we just needed to insert my buyers name in the deal in place of the buyer that dropped out. It took 4 months to get the written notice of approval. We closed a month later (last Friday.) I wrote on one a couple weeks ago and counseled my buyer to not count on the tax credit. Ratified by April 30 and closed by June 30. This one was also an "approved short sale." Well guess what...........we were given notice of written approval 4 days later. With two banks having the first and second. Wow........Maybe the days of 5 months approval on a short sale are over. Good luck!
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