Notes From The Trenches- What's Really Going On

The most common question I am asked as a real estate practitioner is “What’s going on in the market?” In uncertain times like these many are wondering what exactly the real estate business looks like from a day to day point of view. Here are some snapshots from the last few weeks:

- I closed two deals in which the buyers came from Canada. The Canadians and Europeans are very active in our market and are driving many of the sales in my branch office of Michael Saunders and Company. Do not underestimate the impact of the foreigners who see this as an opportunity not to be passed up. In a recent conversation with a prominent Canadian I was told that he “could not afford not to” make his most recent purchase.

- I sold a listing in a multiple offer situation. I think that one of the biggest mistakes buyers are making right now is assuming that they are the only person looking at a particular property. The listing was simply a well-priced, well-kept home which was too good to pass up. I have been in multiple offer situations twice since the market changed.

- I am seeing activity related in large part to the passage of the controversial Amendment One which changes the taxation code in a way to positively impact the local real estate market. One of the buyers from the previous anecdote was spurred on to buy by the fact that his homestead exemption is now portable.

- Showings are up dramatically and open house traffic is significant. For all the negativity in the media, I think that the external indicators show that we are in for a brisk sales season.