Spring brings new hope. People who have been thinking of buying a home have been scraping off the moss that has covered them for some time and heading out to market. Where as 2011 was a bit of a dud for home sales, 2012 has a hint of Déjà vu of years past. Loads of first time buyers, low home inventory and crazy multiple offer situations are happening all over. Even higher end homes that did not sell last year are seeing their fair share of competition from buyers.
A distinct difference from the boom years is that buyers are not buying just any old fixer, they are demanding nice homes in good locations.
Is it still a ‘Buyers Market?’ That depends on definition. Yes, prices are still low, perhaps at the bottom? But the low inventory and buyer competition is NO fun for anyone. I don’t enjoy seeing my clients battle for properties. I don’t want them to have to pay a potentially inflated price because of emotions. But, this is great news for home sales and potentially for the prices in our area.
The NWMLS press release has the numbers for you. Pendings and Sales are up. Prices are up. We are still a long way off from any ‘recovery’ due to the seemingly never ending supply of BANK owned houses which keeping the prices low.