Is was an unusually busy weekend with quite a bit of activity. As a result, my Monday is fully scheduled out with housekeeping tasks that need to be completed today.
I often wonder what causes the “switch” in business to be thrown from “off” to “on.”
If I had to guess, I would say that there are three significant factors that contributed to the current floury of consumer interest:
1) Amazingly low interest rates. Rates are so low now, they are barely significant. In many cases, there is not enough mortgage interest being paid to even consider itemizing deductions on an income tax return. And since mortgages are long term notes, a buyer can fix mortgage expenses for years to come.
2)Decreasing inventory. InCowetaCountyGeorgia, we are at about one third of the number of listings compared with the peak months of available inventory. Less houses for sale equals more activity per listing. We are now down to a four month supply of homes.
3) More seller flexibility. After years of adapting to the buyer’s markets, sellers are now entrenched in the mindset of doing whatever it takes to get the house sold. Sellers that negotiate with an open mind and a realistic attitude towards buyer concessions are getting the deal done!
We still have a long way to go, but at least now there is some light at the end of the tunnel.
And we are ready to roll up our sleeves and get to work. Bring it on!
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Richard - I like your attitude and statement, "It's time to roll up our sleeves and get to work." Your three points are right on target and the real estate market is definitely picking up. In fact I'll be closing one today... A great way to begin the week! Have a great day Richard.
John...
Congratulations on the closing! March is going to be crazy!
Richard....fewer homes for sale results in more activity at each home... well, isn't that the truth!!!! we have a few listings that have been sitting and now they have showings...everything sells at some point, doesn't it!!
I have a couple of clients are stating the process so they can buy and move ater and before the start of the school year.
Glad to hear things are picking up. I think my market is suffering from indecision. Seems to happen in a presidential election year. Maybe when the Republicans pick a candidate the fog will lift in the suburbs of DC.