Buyer Market Activity on the Rise
I believe the 4th quarter of 2010 was when our market hit bottom. Many of my peers agree. Sales and buyer activity were extremely low in that period. In 2009, the 4th quarter was actually the busiest of that year.
Since the start of 2011, I and my peers have seen a dramatic increase in buyer activity. I am working directly with multiple buyers and have shown properties the last 5 days in a row. I have not seen this level of activity since last summer. I am currently negotiating 2 purchases with a 3rd on the way. My listings have also seen a strong increase in the number of showings.
This is still a buyer's market. Many believe prices will increase slightly this year. More significant, interest rates are likely to continue a slow, but steady rise. The amount of inventory will keep this a buyer's market for a long time, possibly even years.
While this is still a great time to buy, the very best time to buy may be slipping away from us. If you have been waiting for the very best circumstances, I would suggest entering the market now.
This blog entry is my personal and professional opinion, subject to error as no one can truly know what the future will hold.