Last night I sat up, turned the volume up and listened as one of the talking heads on the news said he expects the recession to end in four to five months. Even though I was running a fever, my brain quickly calculated his time-frame coincides with the conclusion of the spring housing shopping spree.
I am not sure what his indicators are, but mine are pointing to a busy March. Yes, the bargain shoppers are out in force, and why not? It has been a long time since real estate was "on sale" at today's prices.
The last short sale offer I wrote fell into a pile of three. The one before that lies lifeless at the bottom of a stack of four offers. I have an offer at the bank on a foreclosure; yep, multiple offers on that one too. The property I have a physical inspection on today has a backup offer (higher than mine, per listing agent) ready to replace my buyers if they cancel--or ask for too much. It is not a foreclosure or short sale--it is simply well-priced and meets the needs of my clients.
My listings have generated more interest during the first ten days of March than they have generated this year. If we're waiting for a messenger to blow his horn and announce a market shift, then pent up buyer demand is making the call. Some of my buyers are beginning their third year of sitting on the fence waiting for the right house at the right price, and their patience is about to pay off.
Fellow real estate professionals, this is our call to action. Let's not waste this moment of more approachable prices, historically low interest rates and a few kinds words from the media. Today I'll call my most likely list with the best buysin their area of choice, and an equal number of sellers who are waiting for a sell sign.
When the August housing numbers are in and the statisticians and economists have worked them over, I won't be at all surprised when they proclaim, "It is on its way out and recovery is on the way."
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate, property, houses and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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