Does anyone really know where the real estate market is heading? Well I guess that depends on if you listen to the media, read the internet headlines, blog, open house, get messages from your franchise or if you are just ready to guess like everyone else is doing.
In So. Calif. where I do business, we are now getting multiple offers on short sales, REO's and those few and far between - properties that actually have owners in them for sale that are not "upside down". Does this as some in the industry, indicate a botttoming out in So. Cal. or is this just the tip of the iceberg. Is the Titanic sinking, and we are all sitting around having cocktails (bottoms up!)
In my experience over the last 30 years in RE, once you start having multiple offers, sales are finally closing, and buyers are finally coming out of wherever they have been hiding for the last year plus, it is a sign of recovery. I don't think we are at the end, but I think 2009 will see slight improvement and 2010 will see a return to a "par" market, an equal supply of listing and available buyers.
Of course all of this depends on the financing market and where they end up. Are Fannie and Freddie going to be bailed out? Who is going to pay for that? And most importantly, what will the new President who ever that may be, do to help a faltering economy?
I would value your opinions.
Comments(0)