Houses Are Selling
I’ve been seeing a lot more buyer activity lately, and not just with my own clients, but with a ton of properties going from “Active” to “Pending” on the Multiple Listing Service (MLS).
What does this mean? Well, basically it means the Market in the Twin Cities may be experiencing a bit of a stabilization. At least for the time being.
More “Pending” listings is an indication that buyers are making offers on properties and sellers are accepting those offers. More “Pendings” turn into more “Closings“, and the Market will eventually rebound. Maybe not next month or even next year fully, but slowly we are seeing all the buyer incentives starting to work.
And that’s not to say these incentives are gimmicks of some sort. They are legit, and I’m glad the News Media is starting to come around to some of the positive news on Real Estate nowadays. Lord knows I’ve been busy the past several months with showings, offers, inspections, negotiations, closings, and meeting even more buyers to start the process for the first time.
Bottom line: If you were waiting for the “Bottom of the Market” it may have come and gone. I don’t know for sure, because you can’t tell when the bottom will be until after it’s happened. And even if the bottom just happened a couple months ago, it’s too early to tell for sure.
The fact remains that we could see another influx of Foreclosures and maybe more buyer hesitance, or a possible further slump in the economy as whole. I’m not a mind-reader or fortune teller (probably a good thing), but I don’t see things getting worse and worse as I’ve heard some people talk about.
Most of those people talking about years and years of a downturn aren’t experts at all. They’re what I call “Armchair Agents” who read a Headline in the newspaper (if they can find one that’s not going bankrupt) and all the sudden think they’re an expert on the subject of Real Estate.
Even many Real Estate Professionals who work in the business for years can’t predict what will happen; but I would trust an Attorney’s opinion about the Law more than I would my Neighbor’s take on it. Wouldn’t you?
Well…for now some sellers can enjoy a nice little bump in the market to help them get their homes sold. And buyers can rest assured at least for a while that they’re newly bought homes won’t decrease in value the day after they sign the closing documents.
Here’s to Spring, Activity, and a Brighter Market Future!
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