Real Estate Information Archive

"But Jeremy, I offered above full list price and STILL got beat out! What gives?

If I had $5 for every Buyer who has been shocked (and dismayed) about having to "compete" for homes in this so-called "Buyer's" market, I'd have a nice little vacation fund built up.

Today we talk about

• the "Tale of 2 Markets", those listings that are "in" the market, and those that are "out" of the market;
• why Buyers are getting into bidding wars in St. George, Utah as well as other Western markets,
• and also why Sellers have to get in the "critical 20%" if they are going to sell.

Below this video is a copy of the chart I discuss in the video. Enjoy!

Look, I'm not going to sugarcoat this: Sales were down in September, the Economy is a mess and the Media isn't helping in any way shape or form. This is what Washington County Real Estate Sales have looked like for the past 3 months:

That last column is what we call the "absorption rate." 28 months of inventory was not good. 34 months of inventory is LESS good.

The flip side?

• Credit actually IS available and we continue to see people buy and sell homes.
• There are so many good stories out there, but nobody is telling them.

We just sold a home for 3 sisters from Idaho. They had held this condo in their family for many years and made a nifty profit. They were REALLY happy and it was closed and recorded just 38 days after it hit the market.

We assisted another young couple get into their first home last month and they are tickled pink. It was a bank-owned property, priced extremely well, and it got them out of a small apartment.

Then there is another family living in my immediate neighborhood whose' house is under contract to close sometime next week. They have owned it for 3-4 years, will take a nice little profit, use it to pay off some debt, then rent a larger home for a while preparing to buy again down the road.

I understand it is tough right now...BOY do I understand it. However, there really are good things happening for some people, housing values are getting back in line for the "everyman" and tremendous opportunities are surfacing for investors.

When all else fails I count my blessings every day to have a wonderful wife, 4 hilarious little kids and for every chance I get to enjoy the simple pleasure of pedaling and suffering on my mountain bike or road bike.

If you have any good, OR bad stories to tell about this market is affecting you, send them on over.