SD R
Pretty much a spot description of what I was trying to prepare people for. For the most part no one will list unless they have to. There are quite simply not enough properties in the distress/REO pipeline in the areas most Piggies would be interested in to satisfy the demand that is there. I have a handful of nice short sale properties in nice areas. If I got an approval tommorrow on any of them, I could pick among 4 to 6 buyers on each. Prices are down and more buyers are back in the game. Inventory is abysmal. In Rich’s January resale data rodeo he pointed out that months of inventory has fallen by 50% since last year. We both know it has dropped a lot more than that as there is probably between 20 and 40% of the inventory out there are short sales most of which have offers on them.
I think we may see sales volume drop a bit because there isnt adequate sellable inventory on the market to meet demand. By sellable I mean a property you can make an offer on and actually buy within 30 to 60 days. I guess you could call this effective supply. It will be interesting to keep our eyes on the months inventory figures which while overstated should continue to plummet.
Take a home that show well in good condition and is priced right and I’ll show you a property in or about to go into escrow.
