Market turning?

General Real Estate Investing
1

It’s been on the local news that real estate is starting to sell again.

I was on the phone with a local realtor (checking tenant references) and she says she’s worked off her feet and the buyers are coming onto her office in large numbers. She’s closed 3 all by herself since the first and has more in escrow.

Buyers waited to see what was going to happen, and now they are tired of waiting and starting to buy again.

I don’t think it is turned around, yet, but the mood of the buyers is what makes or breaks a market and the buyers are back out and shopping.

No, I don’t think that Bush’s $600 tax refund has anything to do with it. There are attractive properties on the market, prices are down a little bit, and interest rates are really low. It’s just a good time to buy and buyers are starting to realize it.

2

My Realtor closed my house yesterday, has a contract on the one next door and closed the one four doors down last week.

All Real Estate is regional…

Keith

3

Funny, I was thinking about starting a similar thread to this one today.

I don’t get it. Property Values are still dropping drasticly. I have seen homes lose more than $10k in equity just since February 2008! Yet people are still buying. I really don’t get it. There is no way in haydes that I would purchase right now. At least not a property that needs little to no work.

I saw someone purchase a home in CA last month for around $400k, that same property now appraises for around $300k… YET PEOPLE ARE STILL BUYING! I am seeing this nation wide, CA is just the worst.

This seems like a common sense thing to me. What am I missing??

GooD LucK! :beer