PMZBuzz

Houses are Selling and Inventory is  very Low!  Multiple offers abound and Firstime Buyers as well as Seasoned Investors are buying homes in record numbers. 

Yes it is true in most area markets!  The funny thing is everytime I find myself in a social setting and the subject comes up I make this statement in response to inquiries about my personal Real Estate business.  The typical “How are you doing out there?”  from those who know I recently  made a move back to resale from new home sales… or “sold any homes? The  market’s really slow, nothing is selling” even from some clients thinking of selling!  This perception tells me that the news that homes are selling has some how been lost in translation.  Read the articles, watch the  TV news reports, follow the closings published in the paper and you will see sales are happening!  Granted, the prices are low, very low in some cases(  I suspect the reason for the denial) and most of the homes selling are bank owned properties (REO) or Short Sales (sold for price lower than indebtedness).  So once I push forth this point in conversation, the next question is usually something like “what about all these foreclosures”  or “I see lots of sale signs that have been up for months and months in my neighborhood, what about those?”   A very good question!  Many homes are in some state of foreclosure which is a shame because upside down sellers have quite a few options these days.  But the vacant homes you see sitting there forever are likely victims of the new foreclosure regulations that require a complicated process before the bank to proceed with taking back the home and frankly many banks are just as confused as their customers are over the whole issue. 
» More: The Best Kept Secret in the Real Estate Market Today