I've been spending the last 5 or 6 weeks running my head off for several clients - writing multiple offers on short sales and REO's, only to have each offer get lost in the pile of the other multiple offers submitted on the same property.
I was about to write a blog post about how it seems like the market is bottoming out, at least in the low end, when I read Jason Crouch's recent and beautifully written post A-Quick-Message-of-Renewed-Optimism.
I have to admit, Jason's is the only blog I regularly read. Not there aren't thousands of other interesting bloggers out there with tons to say, but I'm already on total overload! But, as Jason would say, I digress.
Jason starts his post with "I have had multiple offer scenarios TWICE in 2009 already!". I can top that! I've submitted over 14 offers that were multiple - i.e. not the only offer on the table. My head is spinning.
My question is, and the running debate in my office at the moment is, does this or does this not signify a turn in the market? Have we hit bottom? Will this drive prices back up?
I know there's supposedly another wave of bad loans on the horizon poised to wreak havoc, and I realize the moratorium on foreclosures may be creating a dam that eventually must burst, AND, I acknowledge the increase in buyer activity doesn't necessarily mean an increase in closed transactions nor an increase in prices... BUT, I'm really hoping that there's some good news in all this. For those of you experiencing a similar trend, let me know what you think.
Yes, the low end has reached bottom. But, it was only one bottom, there is another mess on the horizon. Get ready for Option Arms and Alt-As'. These should take about 3 years to get out of it. Get prepared to do a lot more short sales.
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