BUYERS ARE BACK and the MARKET IS MOVING!!!

The media may not know it yet but those of us who are "knee deep" in real estate activities are seeing a HUGE upward swing in buyer activity. Whether it be the seasonal change, the stimulus, package, or simple the fact that homes are now affordable with a 30 year amortized fixed loan once again - HOMES ARE SELLING like we have not seen in 3 years, with MULTIPLE OFFERS ON HOMES PRICED COMPETITIVELY.

Friday, March 28th, I sat out in front of a home that reduced price the day prior, in the 15 minutes I was there preparing for my clients to arrive I had 3 car fulls of families I did not know show up and ask to see the home. Saturday March 29th, I had 10 homes lined up to show from 9:30am on, and at nearly each home we had a caravan of buyers and agents in the home already or waiting at the door for us to finish looking. 6 out of the 10 homes already had multiple offers on them. AGENTS ARE POSTING REMARKS ON THEIR LISTINGS "ALL OFFERS DUE BY ________, NO EXCEPTIONS", because they are so swamped with offers.

This is just a taste of the last 2 days, the upswing began about 3 weeks ago in which I have written over 10 offers for a mix of clients on properties that all had multiple offers and sold over asking price.

Homes that are priced competitively are selling with anywhere from 5-15 offers and going over the asking price. Condos are a little slower moving.

No one can say that the real estate slump is over, but for now there seems to be a lot of buyers with a new found confidence in the market.

San Diego Home Stats

In October 2007 there were over 21,000 ACTIVE homes on the market with only 1,900 PENDING.
That’s 9% of all active listings.

TODAY (March 26, 2008)…there are 18,810 ACTIVE homes on the market, with 4,516 PENDING.
That is an increase to 24%, of all active listings, are PENDING!!!