Ron Wynn and WSA

Wow, what a difference.

Just in the last week and a half, there is a tremendous difference in activity and inquiries on our listings.  Open house last week was a mob.  Activity was at least 3 times the activity for any week in November and December.  Buyers are energetic, enthusiastic and ready to look at new listings.

The biggest complaint among Buyers is the lack of inventory.  Buyers are complaining that there are no new listings to look at and are very eager to look at anything new on the market.  Sellers are coming on the market slowly and properties that come on the market are selling quickly with multiple offers.  I have heard of at least 4 multiple offer situations just in the last week, all selling at full price or above.  I had a new listing in Westwood this week and we had multiple offers after three days.

We don’t know where the market is going to go over the next 12 months, but recent newspaper articles have lead the public to believe that the market has bottomed out and that prices are not going to decline any more.  Everyone knows that there is no such thing as “the bottom”, but Buyers are convinced that this is a good time to jump in.

Interest rates are still amazingly affordable and there is no guarantee that they will stay at this rate.  Financing is available and buying conditions are outstanding.  Again, the biggest complaint is lack of inventory.  We expect to see a continued strong demand from Buyers at open houses over the next few weeks and it would not surprise us at all to continue to see full price sales and multiple offers.

Although no one knows where this is going and what the long range outcome will be, overall, Buyers are tired of waiting around at the sidelines.  They are very eager to get into a home of their own.  As people say, life moves on and we can’t wait forever.  Buyers are satisfied with current day values and Sellers, who have motivation, are comfortable knowing that the market is currently stable.  We look forward to 2012 being a very good year for both Buyers and Sellers.  This really is a great time to buy and a great time to sell.  We are encouraging Buyers and Sellers to participate in this market and take advantage of the opportunity.