The Recession is Over!

No, not really, but is sure feels like it. The foreclosure properties are flying out of inventory even faster that we can get out and see them. I have had the following showing success this week:

Monday I scheduled 8 foreclosure property showings in Saint Paul, 5 were already sold.
Tuesday another customer wanted to see 9 single family homes in Minneapolis, 6 were sold.
Tomorrow I was supposed to do second showings of available properties we saw in Burnsville on Monday night. Both of those properties are now sold!

In the last 2 weeks I have seen incredible competion for properties across the twin cities:

Full priced offer, cash buyer, $5k earnest money ends up losing house in multiple offer situation by $10k.
14 offers on North Minneapolis home the first day it is on the market.
Two properties that a customer was interested in were both on the market for 120+ days and they sell the day after they drop in price by 10%.

If you are competing in this market for any property, you need to be quick on your feet. Get out and see it the day it comes on the market. Be prepared to write an offer on the spot. Go big or go home early in the game.

3 comments

#1MN First Time Home BuyersApril 16, 2009, 11:05 am

I echo your situation.

In the past month I have seen property after property go “Pending” on the MLS, which my buyers had tagged as favorites.

I guess now they realize these homes aren’t just sitting there waiting for them exclusively. You gotta be ready to play the game to win, or don’t play at all.

#2philippines properties for saleApril 22, 2009, 9:24 pm

I also agree. I must believe the recession is over because in here, property goes by so fast..

-david

#3Tenant ScreeningApril 24, 2009, 6:06 pm

This is happening all over. Bank owned properties have sat and “rotted” now for so long the banks have dropped prices to a reasonable level. Now that properties are affordable at a rate where investors can purchase them and rent them for a return, they won’t last. There’s still plenty of listings which are holding out hope though it seems. But they will come down too.

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