I just stopped by my old office which is one of the busiest in the county. I spoke to several very good long time agents. Everyone felt the same way. Inventory is and will continue to be very thin in my area. Below 700K will be very competitive for buyers and prices could rise a little as more fencesitters capitulate. Above that it will continue to be a tough market for sellers.
They had 3 new listings for the office caravan go pending immendiately. Decent townhomes and entry level homes are tough to find in NCC.
As an aside, I rec’d Foreclosure Radar’s december report yesterday. Average daily NOD and NOT filings are down 30 to 40% over last year. What this tells me is any foreclosure flood is still at least 6 months away if we are going to see one. I constantly hear of distressed homewoners but the inventory is just not reaching the market around here and I have no idea when and if it will. Alot of home buyers are going to be banging their heads against the wall this Spring. I wish it was otherwise but its gonna be tough out there for everyone.
