SDblog

But you won't see this headline in the newspapers or on TV.  Besides network news being enamored of bad news, we are also in an election year and with President Bush being so out of favor with the mainstream media, they don't want ANYTHING GOOD to happen on his watch.

However, the truth is that the buyers market will soon be in the not-to-distant past.  It reminds me of 2003 and 2004, where we had to jump on every new listing the minute it hit the MLS.  That is what is happening, and I am finding this on both ends of my business, with buyers and with sellers, even short sale listings.  Our most current listing never even made it to a brokers open or a buyer's open house!  It was pending in 14 days after receiving 11 offers.  And it is a short sale listing!

With our buyers, we are making offers immediately, but usually end up being one of eight or more offers. 

So, this is all a recipe for higher prices, and prices are being driven up above the list price significantly.  If you thought you could wait around any longer and wait for prices to drop more, that train left the station with 2007 (good ridance, I say!).

Don't get me wrong, price are still WONDERFULLY LOW, but on the rise.  By all estimates, we still have a long way to go to get stabilization in the market - bank failures such as IndyMac just make securing your financing that much more difficult.  But you should beg, borrower, or steal that 3% down payment FHA requires to get in the house, maybe not of your dreams, but on the way to your dreams.

Jan Farley