My New Blog

The California Association of Realtors reports that nearly half of first-time home buyers in California were able to afford an entry-level home in California in the second quarter of 2008, according to a report released yesterday by C.A.R. Affordability rose to 48 percent in the second quarter compared with 24 percent a year ago....

That is where I have been for the last 133 days, busy with buyers, sellers, and borrowers! This last quarter was the busiest quarter-year production we have seen in several years. Those who have good credit, good reserves, and good paying salaries have waited patiently for the market to drop and the opportunity to buy property at remarkable discounts.

The influx of so many buyers into the market made it start to look like a sellers market instead of a buyers market! Especially bank-owners, who were receiving multiple offers, were entertaining "bids" on their properties. One property in Fullerton, only days after going on the market, received 10 offers. Three were for more than the asking price, and the other seven were at the asking price. All of the offers asked that they be held as back-up offers.

This amazing turn of events has made our sellers smile. In the last year, it was not uncommon to see properties sit on the market for six months or longer. In the last quarter, all of our agents' clients who have their property's price, condition, and commission properly structured, have offers at or near the listing price within 30 days and all received back-up offers.

I'm not trying to come off as a Polyanna. I am experiencing the same rescession as you are. I am working harder than ever for smaller amounts. I am saying, however, that times are not bad for everyone. It's not that difficult to purchase a home or to sell a property. Loans are not impossible to qualify for.  

While the economy "bumps along the bottom" as explained by Ben Bernarke, the Chairman of the Fed, we have to remain focused on what works and stick to it. We've all got bruises, me included. We keep hot coffee and lots of chocolates on hand in the office for those who need a little comfort. Captain Jack's and Harpoon Harry's, across the street, offer a little higher octaine. But we will keep on keeping on, celebrating each of our successes and giving our clients 10,000%.