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.
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