Maybe the “sky” isn’t falling?!
A chicken and a pig walk into a grocery store…………..Nah, I’ll save that story for another time. : )
I get asked at least once every day, often multiple times: “Andy, how are things going in real estate, REALLY?! Is it as bad as it sounds?” Truthfully, in my opinion: No!
I’m seeing offers being written on homes – almost every day.
I’m meeting with sellers who realize 2007 prices are gone – but that they can still sell their home, and do.
I’m helping investors find incredible values – on all types of properties.
I’m marketing new construction homes for Builders – and receiving offers every weekend.
I’m working with Banks to offer 3.75% interest rates to First Time Home Buyers – who are loving it!
Yeah, I’d say things are “looking up”.
Did you read the article in last week’s Seattle Times entitled: “Pending sales of single-family homes in King County surged in April”? The article mentions some of the good news:
- King County Pending sales were up 25% in April over March.
- Snohomish County Pending sales were up 28% in April over March.
One factor to keep in mind, though, is that many of those pending sales are distressed homes or bank-owned homes. On those properties, buyers are typically securing exceptional prices. While there is more “activity” in the market, home prices are not yet rising. In fact King County sales prices were down about 15% from 2008 compared to 2007, while Snohomish County sales prices were down about 18% from 2008 compared to 2007. These are sobering numbers – but now that it’s more commonly understood, many real estate decisions are more reality based than speculative (i.e., what price to list a home).
Even though we’re not yet seeing home prices increase – in some cases, we are seeing multiple offers. And we’re seeing Home Buyers getting off the fence and making offers, because they’re afraid they may miss the chance for a great deal!
My conclusion: It’s hard to know when the “bottom” has finally hit – but you’ll definitely know once you’re looking up!
In my opinion – there are indications that our real estate world may be starting to change for the better. Maybe the sky isn’t falling.
May 11, 2009
Appropriate that this post went on today. I received multiple offers on a listing today 🙂