How real estate has changed from last year (2009) this time. A year ago, we were frozen with fear--fear of the unknown--will things get worse, will the first time buyers come back into the marketplace, how long will this recession last?
Our fear started in Oct 2008, when it felt like someone put the brakes on, when the U.S. economy and banking system started its nosedive into the abyss. Recession and depression were the 2 buzz words in the media and news broadcasts. We hunkered down for a long, difficult ride.
The Spring of 2009 brought a bit of relief. Buyers started nibbling at well priced listings, but still had the upper hand in real estate negotiations. Any decent offer was considered and worked and re-worked so that the seller got fair market value, and the buyer got a decent buy.
Suddenly, and literally overnight, in July/Aug '09 the market turned from a buyers' market to a sellers' market, with multiple offers as the norm. The year continued to be strong, with each month breaking records over the previous month's sales. Today, we have a shortage of well priced inventory. Is this the right time to be buying or selling real estate? Yes, yes, yes!!