Reality and Market Perception AKA The Tortoise and The Hare

Many people are coming to me asking me how the market is. I suppose any REALTOR is going to get this question at least once in his life! Ha! Well, as a local who was born and raised here in the Verde Valley, I probably get it more than most... I think! Of course, I love it and I love the chance to talk to people. AND, I think I need to clear up some media driven generalities and misgivings. I always appreciate the opportunity to do so. Nothing is more irritating than hordes of people walking around spreading "the Reality" of the market as they KNOW it, which in most cases is at least a little bit off base. It is not the people who irritate me, it is the media giving an inaccurate opinion as fact. The media does it's best to relay accurate news to us, but so often paints a broad stroke across the entire nation when there are very real and definable differences in the markets of towns in just one state!

So here I am...doing my level best to help folks out and give them the real scoop on the market today. Right now! It may change in a month, so this news is for right now. It is May 11th 2009 today. I shall update this information monthly, give or take a few days. If I get too busy and fall behind, bear with me!! And know that the market must be good if I am too busy to give my opinion!

This last year has been brutal for many folks out there.... hardworking or just speculators. All of the above. The trickle down affect has been felt by all, I believe. And my heart goes out to any of those who have suffered. But, about a month and a half ago, the flood gates opened and everyone wanted to get on with their lives and get a good deal while they are still out there. This being said, there are sometimes multiple offers on some properties that have been on the market just a few hours.  I would say the majority of these are foreclosures. A VAST majority. Here we bring into account "Public Perception". The perception with the public is that a foreclosure is the best deal out there and I am here to clear up this misconception. YES! It is a great deal, sometimes an overwhelmingly great deal!! Go get it! But, don't pass up that house that is still privately owned,cute as a button, and a great deal as well. It is natural to wonder why a property has been on the market for a while, but don't let this hold you back! There are many reasons.... "public perception" is one of the biggest. Remember, the house you choose HAS to appraise and the appraisals are being determined by ALL properties including foreclosures and short sales. So! Go get that house that people are passing up because it is not a foreclosure. But do, by all means take advantage of the great deals to be had and the $8000 tax credit, if you qualify.  Lowballing does not work anymore as there are several offers on one property. The banks have already got the price low, offers are coming in at close or at the listing price. So go get them while they last!  Call me with any questions you have or just to chat!! And let me know if I can find you a wonderful deal!!