In looking back over the week, it seems that the mood has been to 'get out and buy'…
…Last week was the 16th consecutive week of more sales than last year, with an increase of 9.6%. People are buying, in spite of all the economic woes. Of those properties pended last week, 46.2% were foreclosures or short sales. New listings were lower than last year for the 30th of the last 33 weeks, by 18.1%. These factors combine to indicate a shrinking inventory with a higher percentage of lender mediated properties.
…Clients finally had an offer accepted on a foreclosure property after losing out on several other properties due to high multiple bids.
…Other clients closed on a foreclosure property, also after losing out on multiple bids on other property first.
…Another client considering buying a traditional property (NOT foreclosure/short sale) learned that a couple currently living out of the country but planning to move back in 2-3 years was also seriously considering buying this property because they think the time to be buying is now.
…Had lunch with an investor who recently bought a foreclosure property and is planning to buy more while the getting is good.
…Went out looking with another investor thinking it's the right time to buy.
…Read a post by G. Sax on Teresa Boardman's respected St Paul Real Estate Blog about a meeting of a group of major real estate players. He said the keynote speaker, Wells Fargo chief economist Scott Anderson, painted a not so rosy picture of the economy, assessing that 2009 will be mostly similar to 2008…but the overall message he got was to "get out and buy what you can".
The positive side of foreclosures is that prices have come down enough so buyers who were priced out of the market are now able to buy…and they are. Investors are also buying, a sign that this is a time of opportunity.
