Tuesday, January 22, 2008

I see the Real Estate Market Picking Up NOW!

The third week in January, it is bitter cold here in Philly, yesterday was the NFL playoffs - to many folks - way more exciting than the Super Bowl. Combine that with all the doom and gloom you hear about how much the real estate market is in the toilet. Everyone from the WSJ to Suze Orman has led us to believe that no one is buying homes and Realtors might as well just give it up - go become hairdressers, or whatever.... Are they right?

Um, imho - they are all wrong. Our office had amazing open houses yeseterday with LOTS of buyers showing up at properties that did not even have any directional signs on them. Buyers came just from ads, e.g. no curious and nosy neighbors!! Our phones are busy. Properties are getting offers - some multiple bids taking place. Mortgage rates are fab right now - only 5.75 %. This is exciting. I think the media is always six-nine months behind in reporting what I observe day to day. It took them a really long time to realize that the market was tanking - I saw it about nine months before it was widely reported. Now, I see real signs of life in the market and the media is way behind again.

Smart buyers will jump in now while inventory is still up and rates are great - I say you have about a sixty day window of opportunity here. Rates may climb a bit in the spring. Just my intuition and gut feeling based on some empirical observations - combined with 24 years of watching the real estate market here in the Philadelphia area. What's your take?

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