If you want to see the future of the housing inventory just drive by the car dealer sales lots. Looks a little lean. Manufactures have cut back on car production dramatically. More used cars are being handled by the dealers. The selection of new vehicles is shrinking and will continue to shrink into next year. The same thing is going to happen to with housing. Inventory is being absorbed and the only new inventory for sale is used foreclosures. Foreclosure property is going to peak in the next couple of quarters. Now is the time to be buying. Today there are choices. This will not last. The next crisis is shortage.
Look for short sales to become more prevalent and easier to accomplish. After a few years lenders are starting to adjust. It's still a dice roll, for a buyer, but listing short sales is something to do if you want business now.
This is about helping your buyers understand the opportunity. Have them drive by Reneau and Imagine that is the future of housing inventory. There is no new construction and all new homes should be bought as soon as possible. New homes are generally great deals compared to foreclosures product. The only entity slower then national lenders is hard money. The hard money inventory will continue to sit into 2009. Someday there will be deals to be done. Relationships should be built now. Today there is restricted product and ample inventory. Soon there will be ample credit and restricted inventory. If your buyer can buy today, get it done.
Have you noticed smaller caravans?
Joshua, you are correct in recognizing the trends. I believe the market is re-adjusting and will soon be going back up in the next year. So NOW is the best time to buy! I've been through a similar re-adjustment 20 years ago when I first started in real estate.
I added you as an Active Rain associate. Join my NEW group for professionals who work from their home office at http://activerain.com/groups/virtualoffice
Regina P. Brown
Allison James Estates & Homes
www.ReginaBrown.AllisonJamesInc.com