One of the clients I am currently working with recently sent me an email and wanted to know Where did all the listings go? I have him set up on what we call a "portal" basically an email is sent regarding the homes in the area he wants, new listings, price reductions, etc. My buyers can sit in the comfort of their home and see pictures of the home and detailed information prior to ever getting in the car to take a look. This is great, but some have gotten use to just waiting around to see how low things are gonna go. After the past few months of multiple listings each week, it seems things are drying up a bit. And they are!
According to MLS statistics from March 2009 we saw a decrease in the number of active listings on the market, along with more cancelled and expired listings. The number has not been this low since January of 2007!
March also had the greatest number of pending sales than any other month in the 36 month history - 31% increase!
So Buyers need to be aware with fewer homes on the market, more going into pending status it means more are selling! Every offer I have personally made for various clients in the last 3 months has been met with offers already submitted on the same property, which basically means we now go to a highest and best bidding at the bank along with any/all other prospective Buyers on said property! If the trend continues Buyers need to know this means less concessions, less negotiating on price, etc.
Gee, are we switching from a Buyers market to a Sellers market?
Yes, many homes are still hitting the market through foreclosures, but the nice ones at the rock bottom prices ARE moving quickly. Buyers cannot just sit back and wait any longer for their dream home to fall into their lap with a plummeting price.
