Doom and gloom or new housing boom? A bit of both. If your trying to sell your home and you can't price it to sell, it's gloomy. But from a market standpoint certain segments are hot. Sizzling hot. Suddenly, those buyers and investors sitting on the sidelines are putting in offers on the best-priced homes. The homes that are "steals" are not only getting sold, they are receiving multiple offers, at least in Las Vegas. I called one listing agent on a bank-owned (REO) listing yesterday and she told me she had 27 offers on it. My own REO listings have also had several offers. Market slow, eh?
It really is a tale of two markets. The homes that are priced to sell, mostly bank-owned, some "short-sales," and some non-distressed homes are moving. And moving briskly. In fact, this last week, the number of homes going under contract is up several percent over the previous weeks and months. The demand has been there, sitting on the sidelines until the price is right. And for many, that time is now. The other market, those homes priced significantly higher than the distressed sales, are sitting there. I guess the old economics professor was telling the truth.
Yes, the price adjustment is causing grief for many sellers but the reality is the market has spoken and those words are actually a blessing for some. Yesterday, I showed several decent homes to a schoolteacher client of mine in the below $200k range. She is excited about two of the houses and we'll likely make an offer on one of them. I am so thrilled that I can actually find for an underpaid, hard-working schoolteacher, a home that she can afford. And I'm also thrilled that the investors are back. I will be showing an investor client several bank-owned properties in the under $200k range tomorrow. He intends to buy two homes for rentals. And with rental demand increasing, this is a good investment strategy.
So now with the new-home standing inventory drying up, the well-priced resales homes selling, it means that the market is coming back. Will the market return to frenzy status soon? Nope, but gosh, wouldn't we all like to see at least a "normal" market now. I do.
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John:
Congratulations on your success. Nevertheless, if you are a regular Seller how can you compete with REO's or Short Sales. My daughter has offers on three short sales. I asked her why do you pursue short sales if they are so complicated to complete. Her reply was that these short sales were the best priced homes in the neighborhood. As for REO's, I wrote an offer on one and I had an acceptance the next day. I have also noticed that these REO's sell pretty fast and with more than one offer.
Isaac Bensussen www.besthomesinlajolla.com