Real Estate Is Selling…Really It Is!

“New-Home Sales Rebound After Record Low in January” “Home Prices Rise for First Time in a Year, FHFA Says”-Surprise! These two headlines from Market Watch appeared this week, not two years ago.

Real estate is selling!

Let me explain it this way. A couple of weeks ago, while visiting the Tanger Outlet Mall in Park City , I bought a dress and 3 shirts from one of my favorite stores. Although I wasn’t really in the market for new clothes, I could not resist the 70% off sale. Did I look at the clothes on the “regular price” rack? No. Was the store crowded? Yes. Which racks do you think the other shoppers were looking at? I’m sure you know the answer.

Let’s go back to those headlines. Real estate is on sale! The inventory of foreclosures, short sales and otherwise distressed properties is selling! This inventory needs to be cleared out before people start buying regularly priced inventory. This is great news for everyone! Buyers are snapping up excellent deals; distressed sellers are getting out of properties they can’t afford; and when this is over, regular sellers won’t have to compete with distressed properties and prices will go up. Remember, retailers clear their inventories by putting them on sale. That’s what is happening with real estate TODAY. The question is, do you want to buy property on sale or do you want to wait and pay retail?

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