Here is a piece of news sent out by the Tennessee Association of Realtors to its realtor members but it reflects the growing sense of optimism amongst the realtors I know in Nashville TN that the buyers are really starting to realise that there has never been a better time to buy a home.
The means that there will be more and more buyers going after that one home that is "perfect" and is well priced and has all the signs of a well maintained homes as well as not having any clutter, deferred maintainace and all the other aspects that need to be taken into account when listing a home.
The quote below is based on the feed back from the National Association of Realtors which has around 4000 members. I can tell you that the 32 members of The Ashton Real Estate Group of RE/MAX Elite are definately seeing the postive trend in our local market with over 40 closings in the last 8 weeks. This is the just the tip of the iceberg as we have been seeing more and more buyers who are ready to buy now instead of just sitting on the fence waiting for the signs that the house prices have stopped falling.
From all accounts, as the number of multipl offers increases, we will start to see that the home prices will start to rise, which also reflects the lack of homes available. This will then push up the value of the homes and then the sellers who were "under water" with the value of their home but wanted to sell, will now put their home on the market...and so the sellers market will begin!
Quote from Real Trends
The 4,000-plus National Association of REALTORS members polled for NAR's latest confidence index are generally upbeat about the market's outlook for this year, with about 67 percent predicting price gains.Industry optimism was improved in the single-family, townhouse, and condominium sectors, building on a upward trend that took root in the 2011 third quarter. In another positive development, agents participating in the survey reported a slight fall in the median time on the market. An estimated 47 percent of listings have been up for sale for no more than three months, and only 12 percent have been listed for longer than one year.
It can't come soon enough. A recent CoreLogic report shows that 27.8 percent of all homeowners were near or at a "negative equity position" (i.e., underwater) at the end of 2011 ...compared to 27.1 percent in the prior quarter.
[SOURCES: UPI; REAL Trends; Information, Inc.]
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