Supply and Demand–The Market is turning!
Nationwide Inventory is Decreasing
Below is an article that confirms there is a change in the market!!!!! We have been experiencing these ‘bidding wars’ on quite a few properties within the last year. Properties priced aggressively often have multiple bids within a few days of listing!!!!
The supply in Mexico Beach to St. Joe Beach is low and we are all searching for properties to sell!!!
We’ve got the buyers!!! Sellers who are serious about selling this year……YOUR PROPERTY WILL SELL THIS YEAR……it’s all about…..LOCATION, CONDITION, PRICE!
If you have a property you’d like to get rid of this year…call me! Mary 850-896-5222
Bidding wars catch buyers off guard
SEATTLE – May 1, 2012 – Homebuyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in markets across the country, from California to Florida, The Wall Street Journal reports.
“It’s a little surprising because we thought bidding wars were done with,” Andy Aley, a home shopper in Seattle said. Aley says he was outbid on a home earlier this year, even though he offered to pay $23,000 above the listing price and also waive inspections and other closing conditions.
Homebuyers are frustrated and caught off-guard about the bidding wars re-emerging, real estate professionals report.
“We’re writing a record number of offers, but we’re not seeing a record number of closings and that’s because it’s so competitive,” Glenn Kelman, chief executive of Redfin Corp., told The Wall Street Journal.
Why are things getting so competitive? Many housing markets are seeing a drastic decrease in the number of homes listed for sale, leaving homebuyers with fewer options and more bidding on the same house. Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling homes off the market. Also, a surge in investors who snatch up homes in bulk in all-cash deals has made the market competitive.
“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump,” The Wall Street Journal reports.
National Association of Realtors® latest pending sales report seems to confirm the trend. Pending sales in March reached their highest level in nearly two years and are up 12.8 percent from one year earlier.
Source: “Stunned Home Buyers Find the Bidding Wars Are Back,” The Wall Street Journal (April 27, 2012)
© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688Posted in Market News on by .