Well, I was looking at a blog I wrote in 2008 showing times to buy prior to the Economy Collapsing and I may as well say.. Not even all the bad press is sending Buyers for my commercial property, residential fixers and Income Property away right now. I am getting offers and mulitple offers on all my listings in a variety of nieghborhoods. Mostly all cash offers and all those who were saving their cash are now starting to buy.
Why, well take a look at the Calif. Association of Realtors Economic Figures and you will see why.
Highlights of C.A.R.'s resale housing figures for August 2010:
- C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in August 2010 rose to 6.1 months compared with 4.6 months in August 2009. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
- Thirty-year fixed-mortgage interest rates averaged 4.43 percent during August 2010 compared with 5.19 percent in August 2009, according to Freddie Mac. Adjustable-mortgage interest rates averaged 3.53 percent in August 2010 compared with 4.72 percent in August 2009.
- The median number of days it took to sell a single-family home was 47.1 days in August 2010 compared with 34.8 days for the same period a year ago.
Many Buyers are seeing a good many deals right now and our inventory is high. I see many offers but they are below asking price and the buyers are not threatened by mulitple offers right now. Much to the listing agents dismay, we hear all the time from the Buyer's agents. There are just too many good deals out there right now...So Sellers do not counter if you have to , just take the Buyers offers and run!!
Have a great investment Thursday...