We’ve entered into our slowest season which ends quickly around the holidays. We still have good inventory. We still have great prices that have been pretty stable. Interest rates are very low.
What is new is that we’ve started seeing bidding wars. You heard me right. Nice home, under $500,000 that is priced right WILL have multiple offers, over list price, within days of being listed. I predict that we’ll see the same thing happen with vacation rental condos come January. Sometimes this is bank-owned properties but it is true with regular sales too. Eventually, the wars will start creeping into higher priced properties and before long the media will declare it is a seller’s market.
This news is great for people ready to Upgrade. You can sell your house quickly and find a new one, potentially getting into a bigger nicer house with a lower interest loan. You could even lower your payments. COOL! Call me to help work through a strategy today!
Foreclosure numbers are still strong; we saw some glitches when the banks stopped foreclosures for a few days last month. Yes, the banks may not be crossing all their T’s and dotting their I’s; when dealing with properties, they must handle paperwork correctly. Some think that banks are the horrible ones taking property away from poor homeowners and they are evil. While there was definitely some mortgage fraud happening; many people got into bad loans knowingly thinking they could refinance. But the truth is that the only thing that initiates a foreclosure is when a property owner stops paying the mortgage as promised. Let’s quit looking for bailouts and move forward quickly.