This article by Steve Cook makes an interesting case for a great time to list your house for sale. Do not let the fear that the news pumps out dictate your life and decisions. Get educated! This article found at http://rismedia.com/rrein/9115/87627/null/38625
RISMEDIA, Monday, July 09, 2012—
Record tight inventories are making it increasingly
difficult for growing numbers of buyers, who are creating multiple-bid
environments in markets that haven’t seen buyers battle over homes in
Buyers are back but sellers aren’t, especially in Western markets
recovering from large volumes of foreclosures. The result is that
inventories are still tightening as the spring buying season ends.
Buyers are fighting over what’s available, often to the benefit of those
sellers who took a risk in this year’s evolving marketplace.
Prices are reported to be on the uptrend with 62 percent of REALTORS®
reporting constant or increasing prices compared to the same time a year
ago, according to the National Association of REALTORS’® (NAR)
REALTOR® Confidence Index for May29 -June 8, 2012 that was released
Buyer demand is reported to be growing faster than supply, and many
REALTORS® are reporting multiple offers. However, buyer foot traffic
slowed in May compared to last year, perhaps as buyers grew discouraged
by slim pickings.
However, buyer traffic is still well above the moderate level, but
seller traffic is flat, according to the NAR survey. First-time
homebuyers accounted for 34 percent of total buyers. Normally first-time
buyers are in the neighborhood of 40 percent of total residential
sales, according to NAR’s Profile of Home Buyers and Sellers.
A majority of the 145 markets monitored by NAR Research experienced
slower foot traffic in May of this year relative to the same time in
2011. The data, provided by SentriLock, LLC., is based on the total
number of visits to properties as recorded on electronic clock boxes.
Foot traffic was lower over the 12 months ending in May in 60 percent of
the markets, while 35 percent expanded and 5 percent were unchanged.
This moderating pattern suggests a broad based decline in the late
spring following an equally broad-based expansion in the late
spring/summer of 2011 and early spring of this year.
Multiple bids are changing the playing field in a number of markets this
spring and summer. Many agents new to the business who have little
experience with them are dealing with a sudden and unexpected
competition for homes brought about by inventors more than 20 percent
below those of a year ago.
“Remember the “Roaring ’90s?” Those days when you could list your house
on Friday and on Saturday people would be parked in your driveway
writing offers and good faith checks on the hood of their cars? Multiple
offers were the norm and offered sellers a generous selection of offers
from which to choose. Believe it or not. we are experiencing a trend
toward multiple offers even in this still difficult market and there is
evidence that this trend will continue as buyers compete in a market
with limited inventory,” reported REALTOR® Noel Crider of Auburn,
“The Phoenix Metro Area Housing Market faces multiple offers even in the
higher end and luxury market as buyers try to snag homes before the
market rises further. We have seen multiple offers for quite some time
in the lower price ranges, but now as the market is returning, and
returning strong, we are seeing multiple offers in the higher price
ranges. We are now seeing multiple offers on homes in the move-up and
luxury home market. We are seeing offers that are $50,000 over asking
that are not the winning bid. This is causing quite a bit of frustration
as buyers are trying to get into a home before the market prices go up
further,” reported Brenda & Ron Cunningham, real estate
professionals in Arizona.
In Seattle, multiple offers on beginner houses in Seattle are common
again reports Phil Leng of Kirkland, Wash. and in Austin, broker Gwynn
Teal Carpenter reports, “It’s happened again! We are in one of those
real estate markets where we are seeing homes with multiple offers. In
Austin Texas, the market is so sizzling hot that it isn’t unusual to
have more than 2 offers on a fantastic priced and conditioned home.”