Yikes.... another year. Bailouts & Layoffs. Swine Flu & Health Care. Even Christmas Day terrorism.
Are we having fun yet?
In real estate terms, the year was quite a thrill ride with all sorts of twists and turns like tax credits, loan modifications, shorts sales, foreclosures, and the Return of the Buyer.
While many buyers remained in hiding, increasingly, especially toward the end of the year, die-hards were returning to the game poised for action, convinced they were the only ones crazy enough to be playing:
- Many came expecting the Deal of the Century and left disappointed.
- Others came making what appeared to be perfectly reasonable offers only to learn of a seller's sharp difference of opinion.
- Sometimes these sellers actually found another buyer who was more in sync with their idea of their home's value.
- Other buyers still found realistic homeowners who were receptive to their reasonable purchase offers and now are in their new homes.
I'm nothing if not exhausted by it all. Stay tuned for my annual market reports, they'll be posted on my blog in a week or so. I'll be sure to let you know they're available.
Happy New Year!
2010 has to be a much better year in the real estate market. I think initially the banks were unrealistic in their position on bottom dollar (too low) and buyers, in general, became unrealistic in their expections of bargain-basement prices on every property. Then the banks felt more confident in light of having survived the consolidations and mergers, and of the influx of new (TARP fund) money, and they adjusted their floor prices upward. Unfortunately the potential market of buyers had moved from relatively sophisticated speculators and investors to a position of unsophisticated potential home buyers with relatively inexperienced real estate agents representing them and there was a resulting period of chaos. Thus, I think as the economy gets better we'll all get healthy again in the real estate market. Charlie Gantz, Greenwood, IN; J.D., M.B.A.; Owner/Principal Broker, Atlas Commercial Real Estate, LLC
Thomas,
2010 can't get here fast enough! 2009 is like an itch that just doesn't go away.
Charles: I think your perspective is accurate and I'm hopeful that 2010 will be better.
Paul: I think there's an ointment you can take for that itch... as for 2009, just one more day. Happy new year!