An Awakening Real Estate Market
April 16, 2012
There are signs of Spring everywhere. Daffodils are blooming, trees are leafing out, the smell of orange blossoms is in the air and folks are madly preparing their income taxes which are due tomorrow. In the world of real estate, there are also signs of an awakening. As I posted earlier this month, the number of properties in escrow exceeds the number of active listings. Prospective buyers are calling real estate agents and making appointments to look at property. Real estate agents are being inundated with advertisements for classes - something that was very much lacking the past four years.
The media has even changed its tune. One not does hear as much about the thousands of foreclosures that will be swamping the real estate market. Instead on hears that the available homes for sale are very scarce and that in Southern California, activity is becoming almost robust. We are not yet seeing the multiple offers that some areas of the country are experiencing, but we are seeing new listings have offers within the first week or two.
Buyers need to recognize that they may no longer have the upper hand. Sellers need to recognize that over the past several years buyers have become better informed and are more cautious. The prospective buyer may be ready to make an offer, but the prospective buyer will have done research on past sales in the area.
The good news for sellers who list competitively is that they will be able to sell their property - not at what it might have sold for in 2006, but for about thirty to fifty percent less. Making a decision to sell means understanding the values in today's awakening real estate market.
There are signs of Spring everywhere. Daffodils are blooming, trees are leafing out, the smell of orange blossoms is in the air and folks are madly preparing their income taxes which are due tomorrow. In the world of real estate, there are also signs of an awakening. As I posted earlier this month, the number of properties in escrow exceeds the number of active listings. Prospective buyers are calling real estate agents and making appointments to look at property. Real estate agents are being inundated with advertisements for classes - something that was very much lacking the past four years.
The media has even changed its tune. One not does hear as much about the thousands of foreclosures that will be swamping the real estate market. Instead on hears that the available homes for sale are very scarce and that in Southern California, activity is becoming almost robust. We are not yet seeing the multiple offers that some areas of the country are experiencing, but we are seeing new listings have offers within the first week or two.
Buyers need to recognize that they may no longer have the upper hand. Sellers need to recognize that over the past several years buyers have become better informed and are more cautious. The prospective buyer may be ready to make an offer, but the prospective buyer will have done research on past sales in the area.
The good news for sellers who list competitively is that they will be able to sell their property - not at what it might have sold for in 2006, but for about thirty to fifty percent less. Making a decision to sell means understanding the values in today's awakening real estate market.
posted by shirley harry at 8:22 AM
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