Our real estate market in Eugene/Springfield has been sluggish for a few years, yet I am feeling almost a wave of excitement, both from consumers and other Realtors, as we get started in our new 2011 housing season. Buyers are active in the market right now, and not just in the entry level prices. They are still shopping for a deal, but many are realizing that the deals are already there. When I have conversations with potential sellers these days, I find they are, for the most part, understanding of the fact that their home may not be worth what it was a few years ago, and have accepted this fact. With that acceptance comes a realism that if they price accordingly they can compete in the market today.
Move down the home selling process to the buyer in this market, and I am finding that buyers are able to discern value when they see it. A good example is when they run into a few short sale, or bank owned homes along with a properly priced home that is comparable to these distressed homes. There is value in shopping for distressed properties, but the competitively priced home that is not in a distress situation will have many advantages that the others can not provide. Turn key and with a seller that is willing to help with closing costs, negotiate regarding repairs, you may find that the best deal is the one that has enough equity to allow negotiation for both the Seller & Buyer.
Optimism is here in our real estate market in Lane County and yes...while it may be still a slightly cloudy real estate forecast, we are definitely seeing a chance we are recovering.