Wednesday, February 16, 2011

Don't Look Now, But Things ARE Getting Better!

A funny thing happened on the way to a showing of properties for a client I am working with yesterday, 2 of the 8 properties we were looking at had just gone under contract!  The listing agents were in the process of taking competitive bids for those properties.

These properties have all been on the market for some time, and yet, they are now looked at as being of great value.

There are several things that contribute to this type of behaviour.  First, the prices are very competitive in this market, and have either amenities or location that are desirable.  Second, they are in good condition and show well, allowing a potential buyer to feel how that property will work for them.  Third, interest rates are in the process of rising, a usual sign that the bottom has passed.  And fourth, the banks are awarding their bonuses for 2010.

All of these trends bode well for the continued strong recovery of the market.

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