Last weekend I previewed property on Saturday and showed homes on Sunday. We looked at 6 properties. Most of the six had Open Houses and were very busy. The same was true on Saturday.. there were not as many Open Houses but most of them had a lot of people.
In the last two weeks Buyers appear to have returned to the market. Many are waiting to see if rates drop but they are looking at houses. The people visiting open houses are no longer the neighbors out for an afternoon stroll or looking for decorating ideas. These people are looking for property.
Prices have been dropping in the last few weeks. Interest rates may be improving and the credit markets seem to have settled down. These are all reasons that buyers may be returning to the market. The fourth quarter is usually a good time to buy. People who have to close escrow by the end of the year are ready to negotiate price and rates are often a bit lower then in the summer.
It was this time last year when the market picked up after a long period of non-activity. The big question is whether or not Buyers perceive value to have returned to the market. If they do then they will buy... if they don't then a lot of homes will continue to sit on the market.
