A woman overheard snippets of a conversation I was having. She approached me to see if she had heard correctly, that I was actually keeping really busy in real estate.
I told her that indeed I was. She looked skeptical and astonished, and said, "That's AMAZING! Nobody has money. Nobody's buying." I laughed and said that I had just had two closings on Friday, one was for cash.
I brokered a private deal with a happy buyer of their spectacular riverfront retirement dream home for $850,000 CASH! I am working with other buyers looking for a their retirement dream home who will close as soon as they find it, for up to $400,000 CASH. I have buyers under contract for a smoking hot deal on a lovely Coeur d'Alene Lake waterfront parcel on which they will build their dream home. They have money, and they're buying!
On Friday I also closed a deal with some happy first time home buyers. They didn't have money, but they bought. Saturday, I submitted an offer for other first timers. They have a little money, and they are definitely buying. I got word today that another offer has come in on that house, and a third was on its way... More people buying.
Believe me when I say this - there are people who have money, and people are buying!
They are being careful. But they are buying.
People without money realize that interest rates are at historical lows and are bound to bounce back up soon! Like my first timers Friday, they can qualify for more house than they will be able to when interest rates rise. My clients are now in a beautiful new home and paying less than they were in rent!
People with money realize it's a buyer's market and there are once-in-a-lifetime deals to be had on waterfront and luxury homes. They are taking advantage of the climate and opportunity to purchase their dream home, or second home. Investors are out in droves. All signs and forecasts in 2012 are that we have hit bottom locally, and we are seeing home prices recovering.
Next time someone tells you that no one has money, and no one is buying, have them call me and I'll set them straight!