Homes are Being Swept Up Quickly

In the last few weeks, I have had some buyers that have not moved quickly and unfortunately lost opportunity for the home of their first choice. The good one’s are going and going fast. Many are getting multiple offers. This describes many average priced properties and but even more so to foreclosed properties.

One of my buyers called and said that they went back to review some of their favorite listings and many of them had the status changed to under contract.  Time is running out for the first time home buyer tax credit and so is the good inventory.

Here is some additional information quoted from Realtor.org regarding foreclosures and that they are disappearing.
“Buyers of foreclosure have to be quick these days. Some houses go under contract fewer than 90 minutes after they are put on the market, says Brad Geisen, founder of Foreclosure.com.

“For every listing that comes out, we have 10 buyers,” says Cesar Dias, an associate with Approved Real Estate Group in Stockton, Calif.

Dias had 15 minutes of fame after introducing foreclosure sales tours last year. Now the tours are defunct because there are not enough homes to show.

“We had a lot of inventory last summer. Now we’re down to 1,500 listings — from more than 5,000,” Dias says.

In Florida, real-estate investment companies, buying in bulk and paying cash, face competition.

Even in the hard-hit Detroit area, bargains are disappearing.

“For a good house that’s not too beat up, in a good neighborhood, there’s no lack of buyers in this market,” says Andy Sakmar, founder of Century 21 Sakmar in Rochester, 20 miles north of the city. “There are a lot fewer of these properties than a year ago, and the super buys get multiple offers.”

Source: CNNMoney.com, Les Christie (08/06/2009)

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