March is on the way out the door, and April is bringing in more activity. The problem of finding a buyer is starting to fade. February and March saw a pick up in the number of buys testing the waters, the number of offers also increased. The final numbers I'm sure will show an increase for this area.
The one reason I feel the buyers are out and looking is the larger number of Bank-owned properties that have showed the largest drop in market value compared to the Owner-occupied sellers. The Bank-owned properties are down from there peaks by about 30-40% while the Owner-occupied are down 15-20%. The current buyers are looking for good deals and as such are more interested in the Bank-owned for the bigger drops. The FSBO is still feel the pain of no offers on the table.
I feel that later this summer the market will pick up for every type of property across the board. The great deal will be gone and off the market and the public will see the market numbers picking up and the confidence will return to the market. I encourage anyone that has an interest not to wait but to start looking early and be ready when the time is right.