Low Inventory Locally

The local real estate market has been very interesting to watch over the last few weeks. I am seeing more sales pending with incredibly low offers and seeing more houses selling above asking at the same time! It is very strange. I can only surmise that some builders, homeowners, and investors are having to "dump" properties due to financial difficulties. On the flip side some homeowners are benefiting from the low inventory of houses we currently have and selling for above asking price.

I was personally involved in making a full price offer on a house for a client on the first day the house was on the market and NOT getting the sale! The house wasn't a SUPER value, just fairly price in a desirable neighborhood where there are few houses on the market. I was pretty shocked. You think that a full price offer in this market would be a slam-dunk sale, but it wasn't.

Everyone is predicting a pick up in the market mid 2008. If so, those of you on the fence about looking for a new home should be at the ready after the first of the year to start your search and capitalize on our low interest rates and nervous sellers.

Happy holidays!