Things are undeniably looking better than a year ago. Nationally real estate sales are up! Areas like South Florida had various cities see a plus 50% sale volume when compared to this time last year. It was enough to make Dade county top producer Charles Richardson cite that it was the sharpest spike in sales year-over-year he's ever experienced. Will this trend likely continue? From the appearance of reports revealing that mortgage applications have increased 30% it is to be expected. A recent survey also revealed that 78% of home buyers today felt that now was a good time to buy. This to me asserts two important factors.
One: Sellers in this market need to adjust their asking price to what the market is dictating and not a cent more. Buyers are armed and ready today with more ammo than ever before and are particularly focused today on making sound investments.
Two: On the other hand, when coming across a well priced home, buyers in the coming months need not fool around with their offers. If it caught your eyes, chances are it caught the eyes of at least 5 others. Multiple bids on well priced homes are not myths and will occur.
Over all the real estate market is on the verge of smoothing out. Leif Thomsen, chief executive of Mortgage Master in Walpole, Massachusetts, whose’ business closed just over $1 billion in total mortgage lending since the beginning of the year made a well spoken analogy. "The housing market is coming back, but not roaring back," he said. "We have gone from a crawl to a brisk walk and we will still have to navigate some pitfalls before we are able to get running again…."but it’s a great start!