Market Impressions |
I promised a sneak peak at the August numbers. And, overall, they're looking good. The number of closed sales looks like it stayed pretty close to July numbers. But those were good numbers overall. Inventory seems to have dropped significantly in most markets. Final numbers will be out next week and I'll have a more detailed analysis then.
And, while I'm giving you impressions, here are a few things that hit me after showing dozens of homes over the weekend.
- The showing instructions provided for many of the real estate agents were often wrong. There were a lot of people in homes where the listing agent had said they were vacant or out of town. Surprises are never a good thing!
- Overall, foreclosures are priced significantly below the rest of the market. There are a few banks who still aren't getting it. But most have priced these homes to move! However, most foreclosures will require, at a minimum new paint and carpet throughout the house.
- Short sale pricing is all over the map. And, many of the properties where the bank has already approved the short sale price are going to actually sell for much less. Or, the banks will not accept the offers and it will end up in foreclosure (at a much lower price).
- There were a substantial number of short sales where it was clear an offer had disappeared after buyers gave in to frustration when the bank took too long to make a decision. I suspect the real surprise is that there weren't more of those!
- For the first time in a very long time, we ran into other agents with clients showing the same homes at about the same time. That's got to be a good sign!
