Well it's been a very busy week again for me in Real Estate. Buyers and sellers are keeping me on my toes. I've had several showings for my current listings, return customers with renewed interest in the market, new buyers making plans to visit Aventura next month, not too mention a two day commercial real estate seminar on last Friday and Saturday.The best thing about this week is the house I have under contract. It's funny because, I'm not a religious man, but while in synagogue earlier this week for the Jewish High Holidays, I found myself praying that the house will appraise.
Recently, I've heard several people say the same thing: "The real estate market is doing better, right?." Yes it is, but only in a certain segment of the market; the lower priced segment. Homes up to 250k seem to be moving the fastest. This is due mostly to affordability, which, don't get me wrong, is a good thing. The big problem, however, is that the inventory for such a product is evaporating. Not too mention, lower priced homes means lower commissions.
Yes there are always new listings, but mostly short sales and foreclosures. Both of which present issues relating to time and availability. Short sales, which can be a good vehicle for buyers and seller's, take a considerable amount of time for approval. Foreclosures are great too, if you can manage to get your offer accepted by the bank. Competition for foreclosures is fierce. Stiff bidding wars against all cash buyers make it difficult for the average buyer to get a contract accepted by the banks, unless you bid way higher than the list price. That, however, may then lead to an affordability issue for the buyer. Regardless, it's not that easy to deal with either circumstance.
That leaves a "Normal" sale, a transaction where the seller is not in a short sale situation and/or the house is not in foreclosure. There are just not many of these types of transactions on the market right now, especially on the lower end of the market. This is making it very difficult to find qualified buyers a house, which is basically making my job a lot harder.
So yes, the market is moving, and yes inventory is low, but it doesn't necessary mean that's it's any easier to sell house these days. If by chance you do get a house under contract, just hope it appraises. That, however, is a discussion for another post.
Thanks for Reading!
Aaron Glassman, Lic. Real Estate Broker
A-1 REALTY GROUP, INC.
***Picture taken in Downtown Asheville. A funky picture for a funky town.
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