I got a surprise tonight.
I haven't been looking at the RE listings in our area on a regular (ie, daily) basis for about a year.
Last year, there were few listings (most folks were holding tight), and NOTHING was in escrow/contingent-- everything was active (and stayed that way, for weeks and weeks).
Tonight, I scanned through the RE listings for our town (Napa, CA).
I found lots of homes listed cheaply-- starting at $155K for a SFH, and TONS of places under $300K.
Contrast this to 2-3 years ago, when the cheapest houses in Napa were $350K.
But that wasn't my shock.
The surprise was-- as I clicked on listing after listing, ALL of them were contingent.
No, not the nasty condos in crappy parts of town.
But literally, EVERY SFH I clicked on was in escrow ("contingent").
I mean DOZENS (50?)-- when last year's sales numbers were like 6 houses sold in a month.
This is the strongest RE sales market I've seen since 2006.
Is it an "uptick"?
Not from a value standpoint-- these homes are selling for a LOT less than they were 3 years ago.
But--from an actual SALES standpoint-- sales are increasing.
A LOT.
Not so for higher priced homes-- they're still sitting on the market.
But it's nice to see that banks are lending again-- even if it's for really, really cheap houses!
-Russ H.
PS I'm going to call my team members (title person, mortgage broker) and see what they think. Could be the beginning of the turnaround.
I haven't been looking at the RE listings in our area on a regular (ie, daily) basis for about a year.
Last year, there were few listings (most folks were holding tight), and NOTHING was in escrow/contingent-- everything was active (and stayed that way, for weeks and weeks).
Tonight, I scanned through the RE listings for our town (Napa, CA).
I found lots of homes listed cheaply-- starting at $155K for a SFH, and TONS of places under $300K.
Contrast this to 2-3 years ago, when the cheapest houses in Napa were $350K.
But that wasn't my shock.
The surprise was-- as I clicked on listing after listing, ALL of them were contingent.
No, not the nasty condos in crappy parts of town.
But literally, EVERY SFH I clicked on was in escrow ("contingent").
I mean DOZENS (50?)-- when last year's sales numbers were like 6 houses sold in a month.
This is the strongest RE sales market I've seen since 2006.
Is it an "uptick"?
Not from a value standpoint-- these homes are selling for a LOT less than they were 3 years ago.
But--from an actual SALES standpoint-- sales are increasing.
A LOT.
Not so for higher priced homes-- they're still sitting on the market.
But it's nice to see that banks are lending again-- even if it's for really, really cheap houses!
-Russ H.
PS I'm going to call my team members (title person, mortgage broker) and see what they think. Could be the beginning of the turnaround.
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