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Over the past couple of weeks, our office has experienced a significant up-tick in buyer behavior, and we aren’t the only ones! New listings in certain market categories, particularly REO’s, are getting 8-12 offers within the first 24 hours, the majority of which are cash. It’s not only a gut feeling that tells me the market has “turned”, but cold, hard facts.
I find it interesting to look at this chart which shows asking prices holding fairly steady, but closing price rising from the depths – rapidly. Now with a sudden drop in interest rates, I think the lines will cross shortly. NOW is the time to buy! Additional downward pressure on inventory has occured as a result of the passing of Act 48, causeing the knee-jerk reaction of Fannie Mae to change all their foreclosures to Judicial. What this means to the uninitiated is it’s going to take a lot, lot longer to bring the properties to market, causing a shortage of properties for sale now. We are already seeing the affects of this. For the fence sitter, who has any intention of buying, the message is clear on Maui – Now is the time to Buy!