When A Real Estate Market Turns a Corner
December 17, 2012
Real estate markets have their own characters; usual descriptions include "Buyers' Market", "Sellers' Market, "Normal Market" or what you might hear real estate agents saying this month "Crazy Market".
It might be possible to call this "crazy market" a sellers' market because of the number of multiple bids sellers are receiving on their properties. However, even when a seller is able to receive an offer substantially above the listed price, it is possible that an appraiser may take the value down a notch.
It does seem that the real estate market in our region has reached a turning point. Fourth quarter of 2012 has seen a very brisk market. Often, as soon as a property is listed in the MLS, the buyers and agents are scrambling to view it and to write offers. Part of the reason for the low active inventory is the rapid turnover of new listings from "active" to "pending". This has made agents and buyers crazy to check new listings almost hourly. In a season that is normally slow for real estate sales, we are seeing an increase in potential buyers eager to see every new listing in their price range.
Having experienced turning markets before, I understand some of the frenetic activity. What has changed in this turning market is the use of the Internet by buyers to discover new listings even before their agents have become aware. Trying to absorb the amount of information available via the Internet about real estate is a formidable task, but one that is increasingly necessary.
The "Zillow zestimate", the price per square foot, the information on Trulia and Red Fin and Move and Realtor and other web sites is often explored before potential buyers call a real estate agent. The age of real estate agents being the only ones knowing about properties is one of the major changes that is effecting this real estate market as it changes from a down market to some other kind of market yet to be determined.
Real estate markets have their own characters; usual descriptions include "Buyers' Market", "Sellers' Market, "Normal Market" or what you might hear real estate agents saying this month "Crazy Market".
It might be possible to call this "crazy market" a sellers' market because of the number of multiple bids sellers are receiving on their properties. However, even when a seller is able to receive an offer substantially above the listed price, it is possible that an appraiser may take the value down a notch.
It does seem that the real estate market in our region has reached a turning point. Fourth quarter of 2012 has seen a very brisk market. Often, as soon as a property is listed in the MLS, the buyers and agents are scrambling to view it and to write offers. Part of the reason for the low active inventory is the rapid turnover of new listings from "active" to "pending". This has made agents and buyers crazy to check new listings almost hourly. In a season that is normally slow for real estate sales, we are seeing an increase in potential buyers eager to see every new listing in their price range.
Having experienced turning markets before, I understand some of the frenetic activity. What has changed in this turning market is the use of the Internet by buyers to discover new listings even before their agents have become aware. Trying to absorb the amount of information available via the Internet about real estate is a formidable task, but one that is increasingly necessary.
The "Zillow zestimate", the price per square foot, the information on Trulia and Red Fin and Move and Realtor and other web sites is often explored before potential buyers call a real estate agent. The age of real estate agents being the only ones knowing about properties is one of the major changes that is effecting this real estate market as it changes from a down market to some other kind of market yet to be determined.
posted by shirley harry at 9:07 AM
0 Comments:
Post a Comment
<< Home