I was out showing homes in one of our Desoto County, Mississippi towns this past weekend (Olive Branch) and observed something I have not seen in a while. When I got to the first home, there was already a REALTOR showing it to her client. After they left and I was showing it to my client, another REALTOR was waiting for us to leave. When I got to another home, the same thing happened. When my clients and myself got in our cars to leave, I noticed a few cars waiting in line to see this home. It reminded me of airplanes waiting in line for clearance to take off.
One of the agents I encountered was from my office. She told me that the home they placed an offer on ended up with 3 offers that weekend. The home my clients were interested in had been on the market for over 3 months. I encouraged them to make an offer on it, but they wanted to wait. Needless to say, it was under contract (by someone else) within 2 days.
I track the foreclosure market in my area. For the past few months, the new foreclosures and pending contracts on foreclosures were running pretty even. This week, there were only 7 foreclosures added but 24 went under contract.
Now, our Northwest Mississippi real estate market never had the huge jump in prices that some of the bigger markets (like Florida) had but we did see some significant expansion - especially in parts of Desoto County. Conversely, we have seen a downturn in the market starting late last year and into this year, but nothing like we hear on the national news media.
This weekend's observation and the foreclosure statistics are encouraging, but I am cautiously optimistic. I am prepared for more turbulance, but feel certain that a safe landing is in our future.