Re: Impossible process due to overwhelming volume and...


Posted by steele in minnesota on October 31, 2008 at 05:51:46:


In Reply to: Re: Impossible process due to overwhelming volume and...
Posted by dr on October 30, 2008 at 20:06:38:

However, closed sales are sales. Not offers, actual sales.

I am a long time REO Specialist (bank owned housing). I can tell you that for my market (Twin Cities, Minnesota) there has been a near buying frenzy on the REO houses over the last 6 months. 4 out of 5 of my properties are getting at least 2 bids (one this summer had a total of 14 bids). Oh, and the winning offer has always closed.

I normally carry a personal inventory of 15-20 properties. I am currently down to 5. And that is with REO properties still increasing a moderate rate. But currently they are selling faster than they are being replaced by new ones.

At least in our 9 county metro market. We just got the stats for 3rd quarter sales and some 30% were REO or short sales.

My observation is that many banks are finally getting realistic in pricing. And buyers realize it. Most are looking for shelter. (Although we are seeing private money investors coming back into the market as well. In our area it is easier and easier to cash flow on rentals.)

Frankly, for most buyers real estate is about housing first. They want a home. An investment, second. And as an investment, not a short term but moderate to long term.

Oh, Doc, you might try discussing/ debating rather than arguing and name calling for anyone who does things differently than you. You have your opinion which is fine, but it is not a fact. General statements...back them up. Then we have a real discussion. In my humble opinion, of course.

Steele



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