I was sent a Call to Action today from the NAR to extend and expand the First Time Buyers Tax Credit. I am of the opinion that this is a necessary push that our industry needs to make with our Congressmen and Senators. However, this is only one layer of the onion.
I have ready, willing and able buyers right now that can't find a house!!! Especially in a specific price point ($200,000-$300,000). I'll share one example. A house that was listed as a short sale last year, has sat empty and gone through the foreclosure process. Well over a month ago, a well known REO listing agent's sign goes in the yard. However, it has not been listed in the MLS yet. My clients sent an offer that was rejected (it was a little on the low side but not non-counter-worthy). Ok- so we decide to wait to see what the list price will be and oh by the way, we make sure they know about the 100 ft undisturb buffer in the backyard due to wetlands that render the backyard "untouchable." In talking with another agent yesterday, I learned her clients also made an offer three weeks ago and have yet to get any response. Not a "no thanks, maybe, go fly a kite," Nothing! There are countless other homes that are obviously foreclosures. You know - overgrown grass and weeds, vacant, original door knobs changed out. And they sit and they sit and they sit. Meanwhile my buyers are going stir crazy. They have a down payment, they are pre-approved, they want to buy a home - by Nov 30th! I'm having to show them one and two properties at a time as they come on the market and if we find one they like, we end up in a highest and best situation.
The short sales are just as bad. I have one where we have gone through 6 buyers because they got tired of waiting for a reply from the bank.
So, where is the Call to Action to address this? What are we doing or what can we do as an industry to help facilitate bringing buyers and sellers together in one of the craziest real estate markets in our history? Assest managers across the country- would you please just list the hosue already?