It is a Different Kind of Market
December 15, 2008
It is mid December and we are having the first serious rain of the winter season. I am certain that the ski resorts in our mountains are delighted with the falling snow. Those of us in the real estate profession have found 2008 a challenging year, and we have had to learn some new and different skills. We are hopeful that the brisk activity of our December market is indicative that the market has found a bottom.
For the first 2 weeks of December, normally a very slow time, we have seen new listings and an active pending sales market. Folks seem to be taking advantage of reduced prices and historically low interest rates. Banks have been aggressive in their pricing of foreclosed properties and they have stepped up activity in their loss mitigation (short sale) departments.
Just a quick overview of the December statistics for the Redlands market place as reported through the IMRMLS.
New listings.......................41........of which 10 are bank owned and 11 are short sales.
Pending listings.................22.......of which 13 are bank owned and 1 is a short sale.
Closed transactions..........18........of which 6 were bank owned and 1 was a short sale.
Prospective purchasers and their agents have had a tendency to avoid short sale properties because of the length of time it is taking to receive bank approval. As the banks establish processes we are hopeful that the sales of these properties will increase and we can rescue the upside down homeowners.
It is mid December and we are having the first serious rain of the winter season. I am certain that the ski resorts in our mountains are delighted with the falling snow. Those of us in the real estate profession have found 2008 a challenging year, and we have had to learn some new and different skills. We are hopeful that the brisk activity of our December market is indicative that the market has found a bottom.
For the first 2 weeks of December, normally a very slow time, we have seen new listings and an active pending sales market. Folks seem to be taking advantage of reduced prices and historically low interest rates. Banks have been aggressive in their pricing of foreclosed properties and they have stepped up activity in their loss mitigation (short sale) departments.
Just a quick overview of the December statistics for the Redlands market place as reported through the IMRMLS.
New listings.......................41........of which 10 are bank owned and 11 are short sales.
Pending listings.................22.......of which 13 are bank owned and 1 is a short sale.
Closed transactions..........18........of which 6 were bank owned and 1 was a short sale.
Prospective purchasers and their agents have had a tendency to avoid short sale properties because of the length of time it is taking to receive bank approval. As the banks establish processes we are hopeful that the sales of these properties will increase and we can rescue the upside down homeowners.
posted by shirley harry at 8:59 AM
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