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They're Coming Back!?!

For the first time in a long, long time I'm starting to think that we might be nearing a plateau after a nasty slide in my market. Today I had my best open house attendance in over a year! This house has been open every non-holiday weekend since late July and today I was literally mobbed -- over 20 parties came through the house! I've convinced that the buyers are starting to return now that some sellers in our market are starting to take pricing more seriously!

Not only did I have volume, I had quality. One couple I met asked me to sign an exclusive buyer representation agreement with them as soon as possible. Another couple has already called me to come meet to discuss how I can help them. Both were prior owners who sold at the peak and want to re-enter. Two well qualified connections in one 3-hour session with another 3-4 solid discussions -- I'm feeling pretty good!

How do you feel -- can you use open house attendees as an indicator of the overall market? Or is it just wishful thinking on my part?

Posted by Michael J. O'Connor on 10/15/2007 01:08 AM

Comments (7)

buyers return, alta loma housing, open house attendance

7 Comments on They're Coming Back!?!

OCT

2007

It's definitely indicative of what's out there. Congrats on your success, and I hope your clients remain serious!

Buyers are everywhere , we have to find ways to reel them in. Here our open houses are slow but I think for you it may be an indication of something. I am sure it will start picking back up here because I have heard the FSBO are becoming more and more unrealistic maybe this is starting to show in your area as well !

Michael

Congratulations!

It sounds like you've been working smart, and success is around the corner.

Out of curiousity, where in Corona do you practice?

For the curious ;-) I work out of the Eastvale section of Corona but my recent successes are in the hillside communities to the north such as Rancho Cucamonga, Alta Loma etc.

OCT

2007

Michael,

Open house attandance is a good indicator. I've recently spoken with several brokers in Eastern WA who shared that the recent slump has not effected their market at all.

NOV

2007

Michael, COngrats on your open house sucess from another Michael...I will check your blog further for info on forclosure info, I myself am working with investors buying homes here in Lake COunty, FL..I have had a number of closings recently due to dealing with cash buyers, they finaly feel its time to get in the market!!!

Mike - The Inland Empire of Southern California is pretty much a 'ground-zero' for foreclosures right now. I don't have the stats handy but our area is really high up on the list for both absolute numbers of foreclosures as well as foreclosure rates.

Last weekend I held another open house in another city and had better attendance than I expected. Not record breaking but far better than previous open houses at that address. I definitely see more people looking - but I don't know if it's translating into actual escrows yet. The MLS figures on pendings don't seem to indicate that it is.

Perhaps now that the feds dropped a 1/4 point we might see a little more action? Let's hope!

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