I can’t say this enough. The real estate market is changing.
Last week I received multiple offers on two duplexes I had listed within five days of them going on the market.
Every Realt0r I’ve spoken with is suddenly busier than they’ve been in years.
And this seems to be true in everywhere.
I am en route to a national Keller Williams conference in Anaheim and decided to stop in and see my snowbird parents who winter in Scottsdale along the way.
Yesterday they wanted to look at open houses in a high-end, gated community. As that market is completely foreign to me, I was willing to go along.
Every single agent I spoke with told me they hadn’t been this busy in years. In fact, since January 1, this particular neighborhood had seen 25 properties go under contract.
They sensed, as do I, that there’s somehow a renewed sense of optimism in the air. It isn’t anything we can measure, but things feel different.
Granted, we’re not out of the woods yet. RealtyTrac is still forecasting that 1.25 million homes will go back to lenders nationally this year. This figure represents a 25 percent increase over last year.
In other words, don’t count on any real appreciation in property values until that bank owned inventory works its way through the system; which could take years.
However, if you’ve been waiting for the “bottom of the market” to start your investment career or buy your first duplex, don’t wait too long.