If a Realtor was sent to the blackboard by a math teacher these days, he or she might write this equation: More buyers + fewer houses = help!
National surveys and HouseHunt’s second-quarter market conditions report show an increase in housing activity and a decrease in inventory in parts of the country. Working through foreclosures and short sales, however, remain a sticking point to more upward movement. While national reports show the nation’s shadow inventory shrinking by about 30 percent since early 2010, HouseHunt agents in parts of Georgia, California, Arizona, Minnesota, Maryland, Massachusetts, Nevada, Texas and Florida say foreclosures represent from 30 to more than 50 percent of houses in their market.
“If you have a home that is not a short sale or REO, we’re seeing multiple offers in excess of five to 30 on a property. Buyers are jumping on regular sales since they don’t have to wait for a bank to make a decision.” reported Cheryl Lichen-Hooper, a HouseHunt agent in Castaic just north of Los Angeles.