When James Thorner Speaks, People Listen

James Thorner writes for the St. Petersburg Times about real estate or “(un)real estate” as he calls it. I guess that means he normally takes a negative spin on real estate or Realtors maybe. Whatever the case, he actually reports some good news today on homes in Tampa Bay in the newspaper.

There’s no secret to those of us in the industry that home sales have been rising. He says, “homes sales have risen every month since August”. But when WE try to tell our customers that – especially those from out of town – they think we are telling stories. The truth is, we have been slammed with homebuyers (mostly looking for bargains) since the day after Christmas 2008. So, thank you James for telling your readers what we have been trying to communicate!

Real Estate sales in 2009 are significantly higher than 2008. So much so that it appears home prices are beginning to stabilize. James Thorner agrees. “From February to April, prices of homes sold conventionally those unencumbered by foreclosure or mortgage defaults – stopped dropping. Prices have actually inched up in some places in those three months.” This fact can help lead us into a price stabilization period.

Additionally, it used to be that only Bank Owned properties were getting multiple offers here in Tampa Bay. Now, we are seeing multiple offers (or backup offers) on our short sales as well. For the most part, Real Estate agents hate to show listings that are labeled “active with contract” in the MLS but somehow, those that are offered as a short sale are an exception to that rule. We have multiple offers on most of our short sale listings. Why? Probably because they are such a great deal! Why not wait and see if you can get lucky on a 2/2/2 condo that sold in 2005 for $216,000 and now is being offered for $95,000? To take this one step further, we think some of these great deals are about to be history.

And, what’s really nice is that non-short sale homes that are priced well are becoming even more attractive to those that don’t want to wait, so they are selling faster.

James tells an interesting story that Pinellas and Pasco County will enjoy a market rebound later this year. We hope he is right. Read the full story here: Hints of good news on homes

4 Replies to “When James Thorner Speaks, People Listen”

  1. We’ve been seeing a lot of multiple offer situations here as well. What’s really funny is the amount of activity I have on my short sale listings that are marked “active with contingency.” 3 months ago, good luck getting somebody to look at your short sale!

  2. Similar things are happening in my neck of the woods – the Cambridge / Boston area. We’ve had a very busy market this year though listing inventory is down. And the Boston Globe has actually published some excellent real estate articles – on target and not negative – a refreshing change for sure.

    Liz Bolton

  3. How many of those short sales are actually selling? They get lots of offers here but months later the buyers are realizing the company setting the prices aren’t being authorized by the bank who owns the property. There has been less than a handful that actually sold last year in our whole county.

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