Supported purely by anecdotal information this week from ~100 colleagues in my office (which is the top producing W.C. & A.N. Miller office and in the Top 10 of Long & Foster’s 204 offices), we are experiencing an increase in contract offers in all price brackets.
There has been a noticeable number of multiple offers for some properties and shorter Days On Market for newer listings.
Our buyers feel that the market may have hit bottom. Even if it hasn’t, they say prices have fallen enough that they can weather some measure of further decline as they intend to own these homes for 5-7 years or more.
Our buyers are prepared, have been carefully watching the market, and are actively talking to and listening to their buyer agents. They have been methodically studying homes in their target neighborhoods, and they are primarily buying to own more than for speculative investment or quick appreciation.
Our sellers who have realistically assessed the new valuation of their homes are pleasantly surprised to see such renewed interest and activity. In cases of multiple contracts, ratified contract prices are reportedly approaching and sometimes exceeding sellers’ hoped for levels.