In one word....crazy!
When I went into the business in 1984, I jumped into the real estate business and had to learn quickly because people were buying houses like they were going out of style.
In those days, there were no faxes, no cell phones, and no texting, so presenting an offer was a lot harder than it is today. Hand delivering it to the listing office, if it wasn't the one I worked for, was time consuming. And...usually there were multiple offers on the one house my buyers fell in love with.
When pricing a home back then, we based the listing price on the one or two houses in the neighborhood that were going into contract within hours of going on the market. When my new listing went on the market, it usually sold within hours, so prices rose quickly.
I believe we may be headed towards the same thing in the near future.
We all know that prices have declined and that mortgage rates are at an all time low, so buyers are buying homes....finally!
There are fewer and fewer homes to show and even less that are in good shape.
If you are a prospective home seller...be sure to get your home in great shape before it goes on the market and be sure to work with an agent who understands how to market your home to today's buyers.
If you're a buyer, find yourself a great certified buyer's agent who can inform you about buying in this market, so you'll actually get into a home before prices and mortgage rates rise again. This past Saturday, I had selected 8 homes to show to one of my clients; 5 were already gone!
Donna Bruno is the Owner/Broker of Century 21 North Star Realty in Peekskill, NY. She is a Certified Residential Specialist (C.R.S.), Accredited Buyer's Rep., & NYS R.E. Instructor. She covers Westchester, Putnam, & Dutchess. Contact her at firstname.lastname@example.org or via cell at (914) 329-7614.