Buyers seem not only to be looking again, but they are starting to make offers. And the offers are less likely to be insulting than they were just a couple of months ago. Much of the activity appears to be centered on properties listed below $1 million, though buyers at higher levels clearly are less gun-shy than they were in the recent past.
If you doubt the foregoing information, have a look at Sunday’s New York Times, which leads the Real Estate section with a long piece that has the following headline:
Bidding Wars Resume
Regular readers of this blog and my e-newsletter won’t be surprised by the news: I have been warning that such wars would reappear once there occurred a perception that the bottom was here or approaching. (However, my timing was a bit off; I didn’t expect that change until sometime next year. In any case, I doubt the trend is widespread yet.)
Ask buyers about their renewed interest, and the answers are almost the same: Continue reading