Wednesday, January 2, 2008

It's cold outside but the Real Estate buzz is Hot!

I look at my web traffic for all of my listings on a weekly basis and send this info to my clients. What was very surprising was the huge increase in the number of property views over the last two weeks compared to earlier weeks. I wonder if it is because of the current buzz about amazing bargains some people are getting lately, or the influx of short sales and bank owned property. or could it just be that it was the holidays and alot of people had off and were just curious. Either way I see it as a good way of reducing inventory and getting the buying public reinterested in the market.

If you had considered buying during the slow period in the winter , this is it. If you had considered buying when they prices have come down , they are down. If you wanted to wait for low interest rates, they are very low.

I like to look at our market as you would a large store going out of business only this one never really goes out of business. For the first two weeks they will lower prices on everything usually 10-20% depending on the item. The next couple weeks after that they lower 20-30%. it is in this point that all the good stuff sells, the things that you would have bought if they were cheaper the last time you looked. And finally before the bottom hits it goes to 40%-50% or more off . When you walk into the store at this point you are somewhat disappointed because all of the good items are already gone. All that is left are strange bits of hardware and screws and left handed stuff, but you buy anyway just because it is cheap and maybe someday you will use it.

Do you recognize any similarity here?