Good Afternoon Everyone,
Don't know if anyone besides me has noticed but the inventory of Homes For Sale is WAY down. I had clients in town over the weekend and they were really disappointed to find that 2 of the 7 homes they wanted to see had sold between Wed. & Friday. What homes we did view while very nice homes, were higher priced than the buyers wanted to go. They came thinking they were going to find the perfect home at a great price and went home realizing that wasn't the case any longer. It is possible that the people who have been sitting on their proverbial fences may have waited a bit too long.
The market is shifting again. I'm not sure whether this signals the end of the REO market and that most of the inventory in our area is depleted or if it simply means that people are getting back to work, working out loan modifications with their lenders, or if it is just a lull before the storm.
I'm inclined to say, at least in the White Mountain Area, that we may be seeing the steady decline of the last couple of years slowing down. Those deals and bargains are just not out there any more and while the buyers coming late to the market still want a deal, the sellers remaining, even some of the Banks, are simply saying NO! They know they have something someone wants and they just aren't willing to take the kind of loss that they have been in the past. They have a product to sell and if someone wants it they are going to have to meet a certain price point to get it. My last Bank Owned Sale took six counter offers to come to an agreement. The Buyers had to come up significantly on their original offer in order to purchase the property.
Perhaps that is a good thing. While it may be a bit disappointing to the Buyers who have stayed on the fence a bit too long, it may be good for the sellers who have wanted to sell but were unable to because they just couldn't afford to take the kind of losses the buyers expected.
Is this the year we begin to see things turn around? We can only hope!
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