“As spring cometh, confidence is close at hand,” said Pall Spera philosophically, upon reading yesterday’s Blog entry. “Current consumer confidence in many areas of their lives is evident in our ‘defrosting’ real estate market as well,” he added.
It is as though during waves of colder economic climate, we instinctively retreat to the safety and warmth of our dens, patiently awaiting a thaw. We are fully alert during this time, waiting for signs of a more hospitable environment, ready to come forth when the time is ripe. “We see many more positive signs of an improving real estate climate lately,” observes Spera, “It is manifested in increased inquiries, showings, offers to purchase and closings.”
He continues, “While the increase in activity is real, all participants in the reawakening are following a set of ‘new order’ rules. For sellers, this means that properties must be ready to be sold and parade-ready in the smallest details of appearance and condition. They also must be ‘priced to market’, which is a challenge to accept, but is essential.”
There are several “new order” requirements for buyers to keep in mind as well, least of which is information, information and more information. It bears repeating. “Our world is full of ubiquitous information sources,” points out Spera, “Making buyers’ ability to research and garner information very easy. Given that fact, and assuming the real estate information is relevant, buyers are not interested in lengthy protracted negotiations or tedious contract hurdles that start with PRICE $.”
He concludes, “The good news is there is recognition that this is truly a great time to buy, yet the fractured real estate market is saying our bones are still mending, so don’t ask me to run an obstacle course as rehab.”