Are things starting to change?

By
Real Estate Agent with REMAX Results, Frederick MD

Pent up buyer demand, historically low interest rates and a large inventory of homes for sale can lead to a busy spring market. Add one more thing to the mix. Some lenders are really getting serious about pricing their REO properties and they are pricing them to sell. I have seen some big reductions locally here and also some new REO listings that have been cleaned, with utilities on, and priced well.

I have had multiple offers on one of my Pennsylvania properties this week after months of minimal activity.

Yesterday, I was outside getting the mail and I saw this overhead. We were having one of the bluest skies in a long time and someone was taking advantage of it.

 

 

 

 

 

 

 

 

 

 

 

It is time to soar!

Comments (11)

Ken Montville
RE/MAX United Real Estate - College Park, MD
The MD Suburbs of DC

I showed an REO todat (the first time in a looooong time).  I think the price was right on the money...to sell the house.  It was easily $100,000 less than the purchase price three years ago and the house was one of the newer McMansions (built in1999) that has nice 20 foot ceilings in the family room, etc.  It just needed a little TLC -- paint, carpet, a new washer and dryer.  All the appliances and kitchen cabinets were still there... it hadn't been gutted.  So you may be right.  Once they get into REO status the banks may want to get rid of them.

Jan 23, 2009 01:31 PM
Michael Swanson
Keller Williams North Raleigh - Raleigh, NC
Broker

I'm gearing up for the huge break in the spring! Getting my boat out to ride the flood of ready buyers! I'm stoked! I can't wait for it! Hope you're ready!

Jan 23, 2009 01:37 PM
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

That's great!  I'm having trouble reaching the listing agents who are working for the banks...there is one phone number and it goes to a machine...no cell phone...sad.

Jan 23, 2009 01:40 PM
Marchel Peterson
Results Realty - Spring, TX
Spring TX Real Estate E-Pro

I'm so busy I can't see straight!

Jan 23, 2009 01:55 PM
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

Rich, I picked up three new buyers in the last two weeks and two sellers. I've been busy all month and hope to be writing an offer soon!

Jan 23, 2009 02:08 PM
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Alright, this is what I like to hear.  The macro-market here in New York City is not exactly promising, but I am super busy with my customers right now, just got a lease done today, taking out motivated buyers on Sunday, and Monday.  Let's hope I can get some good accepted offers on my listings next week!

Jan 23, 2009 02:14 PM
Justin Ukaoma
Vizion KC - Kansas City, MO
Kansas City Real Estate Investments

I've noticed an increase in showing I hope those offers start rolling in soon. 

Jan 23, 2009 03:02 PM
Dr. Stacey-Ann Baugh
Century 21 New Millennium - Upper Marlboro, MD
A doctor who makes house calls.

I hope you are right.  I've been showing some nice foreclosures here lately too and they are certainly priced well. 

Jan 23, 2009 11:16 PM
Rich Mielke
REMAX Results, Frederick MD - Frederick, MD
REALTOR, Frederick Maryland Real Estate

I think some lenders are starting to get real about moving some of their inventory.

Karen - I agree that some REO agents are difficult to get a hold of.

Debbie - Glad to hear you are busy!

Lets get out there and get things moving!

Jan 24, 2009 12:49 AM
Sandy Shores FL RealtorĀ®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Hey Rich, Not a cloud in the sky, a perfect day and a perfect picture!

Feb 15, 2009 02:20 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Every day presents opportunities to soar in one way or another.

Feb 17, 2009 05:09 AM