The housing market is pretty hot right now. I have a client that came in from out of town to look at homes. They picked 10 homes to see two weeks ago. Today, the day we were supposed to look at homes, all 10 are under contract.
I've put together four deals this week and I can attest that homes are jumping off the market much quicker than usual. I think the reasons are two fold. One, sellers have finally realized that their homes aren't worth as much as they think and two, the pent up buyer demand seems to be present in fears they will miss out on the tax credit.
This short article shows that Trulia.com is noticing fewer price reductions across the country. Things are heating up and while I don't expect home prices to rise, I think the back log of inventory will be cleared and we should find our selves in a very stable market.
This is great news for home sellers and I'm not sure if the industry experts who expect a drop in prices after the tax credit ends are delaying some buyers from acting now and in turn ensuring the market will stay balanced come May 1st. We will all see together...