The Market has changed!

Today, I am sitting in my office scratching my head wondering how the market went from homes not selling to not being able to find a home for my buyers. Well the market has been controlled by the short sale and REO/Foreclosure market for the past three years. Now, the president has encouraged the banks to help homeowners keep their homes. So we have not seen very many homes coming into the market over the past 3 months. It appears that things are heading in the right direction towards a recovery. I am also hearing that mid summer, we are going to see many more foreclosures hit the market. This would be a great opportunity for many first time home buyers. The bottom line is that if you are on the fence thinking about buying and don't react soon, you will be scratching your head too while saying "I just missed a great opportunity to own a home."

Foreclosure Activity!

SO the end of last week I listed a foreclosure home in a very nice area. It was about 15% under market value and $85.00 p/sf. Today I have over 30 offers on this property which is the most I have ever experienced. In today's market we are seeing many multiple offers situtions especially in the lower end homes that are under $350,000. Yes, it is a buyer's market, but if you are just starting to look beware that it takes most buyers writting 3 offers on different properties before one is accepted.

Please visit my website at www.cloneyrealestate.com

Also you can contact me at shad.cloney@camoves.com