Well the title is a loaded sentence......Certainly depends on where you are .......But we are seeing multiple offers again...Not necessarily way above the list price but solid multiple offers......Granted it depends on the price range and area . Concord for instance has a slew of buyers who are qualified for between $200000 and $400000. Those homes bank owned, short sales or no distress that are in move in condition are priced to bring in multiple offers.
I walked into one home last week that had over 50 real estate cards on the counter. Have not seen that for a long time.
Is this the eye of the storm burp or a sign that things are finally settling down?
We hear rumors of hundreds of thousands more foreclosures waiting to happen as well as many more short sales to hit the market.
Of course with the possible many layoffs still to come plus those recent will really max out homeowners pockets and savings........
Only time will tell. At least the interest rates are good for buyers with the first time home buyer $8000 tax credit.
The higher end homes are starting to see movement and sales but appears to still be dropping somewhat in their pricing.
I am writing on average approx 3-4 offers before my buyers offer is accepted. Usually the first two rejections was due to the buyer lowballing and not believing the home would command at least full price.
My gut feeling is the market will not really stabilize until the mid to end of next year and then in certain areas with other areas taking years to recoup the losses felt.
But even in this darkness, opportunity does exist for those seeking to purchase a home. Just make sure you look at it as a long term investment and not short term.
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