For about 60 days now, I have been incredibly frustrated.  Every day I show properties or put in offers on properties only to find out that they were sold yesterday.  I had a property this week that had been on the market only a couple hours.  My customer saw it and we put in an offer immediately.  Although only 5 hours old, when we submitted our offer, they already had 6 offers in front of ours!

Absorption rate is at 4.5 months …total swing from 11.5 months a year ago…inventory is stable but will slowly increase with the foreclosure moratoriums being lifted… Hang tight – but let your buyers know that with absorption rates under 6 months, you can’t be picky and must act quick

Now it just seems to be a running joke amongst my group.  We need to book 5 times as many showings to just get enough to see.  If you want a house, bring your pen cause we are writing offers on the spot if you like it.

I happened to be exchanging an email with a senior REO agent today about a property (that again was sold), in my frustration, I asked him: ”What is up with the multiple offers and properties gone in less than 1 week? Is this going to get easier (for me) anytime in the near future?”  Here is his response:

Absorption rate is at 4.5 months …total swing from 11.5 months a year ago…inventory is stable but will slowly increase with the foreclosure moratoriums being lifted… Hang tight – but let your buyers know that with absorption rates under 6 months, you can’t be picky and must act quick -

Although I understand his answer, it doesn’t make me feel instantly better.  I guess it further confirms the “Foreclosure Wave 2” theory.