I'm Baaa'aaack

It's been a while since I actually penned something original here. Not sure why that is since I love to hear myself talk....

Since last I "spoke" here, the world has undergone some massive change. We have a new President, a ton of turmoil in the credit markets, old standbys GM, Ford and Chrysler are begging for mercy, and well, the Eagles have blown another shot at the Super Bowl. Some things in life ARE consistent alas!

What is inconsistent is the real estate market. The market took a dramatic plunge of inactivity when the credit debacle hit the proverbial fan after Labor Day and never recovered as we went through those dastardly holidays we end the year with. Only when Prez-elect Obama started to speak up and credit rates dropped after Christmas did the sideline-dwelling buyers start to peak back out their doors. Lately first-time buyers seem to be basking in the sunlight of our 15 degree days and business is brisk (relatively speaking of course). Many many showings of late and our office is posting encouraging results lately in contracts completed.

This is the spring market afterall, and with rates extremely low and a nice selection if not overabundance of inventory, buyers really should be more motivated than they seem to buy. It is, afterall a buyers market. But buyers seem to think they can time a market and I believe, with the encouragement of well-meaning Realtors, seem to be sitting back waiting to spy that bottom price for their next dream home. the reality is that many of these reluctant buyers will not pull the trigger until the next upswing is months old and they will in fact pay considerably more for their next home than they probably would now. But that's the American way!

The market is particularly peculiar (say THAT real fast a few times!) for investors. Urban areas such as Philly and Wilmington are teeming with finished rehabs that aren't selling and so are being rented. In Philly, typical rentals are now competing with granite countertop-adorned flips that are being rented, essentially at rates the regular rentals were getting 18 months ago. As I wrote last spring, investors seem to still be unloading, or trying to unload, portfolios, why, I'm not sure, maybe because they aren't finding renters, or the rentals aren't cashflowing like they did two years ago.

Alas, what goes up will come down, and what goes down, will usually find its way back up.

Let's hope so. To all those economics experts, especially the self-proclaimed ones, like Suze Orman, all I can say is this: SHUT THE HELL UP! Enough with all the negative BS. Keep saying it (I can't even say it) will happen, and it WILL sell-fulfill your prediction! So, SHUT UP! As someone's mom used to say, if you have nothing good to say, keep quiet......