Wow. As I try to schedule showings for clients, it seems that more and more would-be prospects are already sold. I did a search for a client in Carmel, 4 bedrooms, basement, 3 car garage, $300-400k (as I recall). It yielded 8 results. 4 were pending and 2 had active contingencies. In other words, 75% of them were already under contract.
What a contrast from just a few months ago. I'm not doing the happy dance yet, however, I'm dusting off the shoes that have sat in the closet too long. I'm optimistic that we are heading into a firmer market.
Another indication... I represented a buyer on a $116k bank property. It was undervalued so we bid a few thousand higher than asking. The bank went highest/best so we went a few more thousand above the asking price. We finally were awarded the bid because we were a cash buyer...but not necessarily the highest bidder. There were 22 bids on the home. 22!
So what's that mean?
For buyers, get qualified and find a great house and make your play. I think we've seen the bottom.
For sellers, I say there are 5 things that will determine the marketability of your home.
- location-great location
- home features-great house
- condition-no honey dew lists!
- presentation-make it look like a model home
- price-the great equalizer
If all 5 items are correct, your home will NOT stay on the market.
I believe we are heading for better days.