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I have read anecdotal reports that some areas of the country now seem to be looking at the "bottom" of the housing market in the rear view mirror. Other posters' reactions?
It is VERY local. Inventories here are low, maybe 40% fewer listings than this time last year. Good properties priced near market value sell fast and are seeing multiple offers in the first week. This could change if the banks start dumping their inventory, but we don't have that many REOs for sale here so I'm not sure how much it would impact here.
In the little pocket where I live - same thing - very low inventory - not many homes went on this spring and well priced homes sell in 24 hours with multiple offers over asking. Those that are not priced well sit and sit and sit.
In my former town (Mount Pleasant, SC, an very upscale burb of Charleston) it seems the prices have risen about 10-15% ($280K to $310K in my former neighborhood) and the inventory has dropped versus this time last year when I was selling.
A new, huge wave of foreclosures is headed your way. Caveat Emptor.
Yup. I think we have two whole bank owned properties in town for sale. Way more than last year. I think there was one or maybe none.
Quote:
Originally Posted by Rakin
We are booming with many times multiple offers. Sold a home Friday that had been on the market 2 days and had 2 offers.
Inventory is definitely low around here. I sold a listing recently in less than week and it went for a little more than 10% over what they bought it for 4 years ago. I took some buyers to see a house recently and it got 6 offers in the first day. It seems every decent house that comes on the market in this town (if priced reasonably) lasts less than a week and has multiple offers.
Yep, Phoenix, AZ seems to be one of those areas, up to a certain price range (maybe $350K?). But getting the comps to match the offers is still challenging.
I have a buyer that just started looking. Wanted to view a house Saturday that was just listed yesterday. Listing agent said multiple offers, see it tomorrow and bring your best offer. So we're going tomorrow.
I have a listing that has a FABULOUS back yard compared to the neighborhood, I thought it was overpriced by about $10K. 45 showings and 3 full price offers in one week. Even knowing the inventory issues, I was shocked. Now I have not idea if it will appraise but 3 full price offers has to show the value.
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