There's something in the air. The slumbering real estate market is beginning to show signs of renewed activity. If the first month of 2010 is an early indicator change is on the way. A wise client told me he knows a recession is over when all his neighbors buy new cars. Yesterday he told me his neighborhood is full of new vehicles. That's probably as good an indicator as an economist can tout, but just for good measure here is what the New York Times said:
Breaking News Alert
The New York Times
Fri, January 29, 2010 -- 8:48 AM ET
-----
U.S. Economy Grew at Annual Rate of 5.7% in Fourth Quarter, More Than Expected
The United States economy grew at its fastest pace in over
six years at the end of 2009, but a sluggish job market is
still souring economists on the sustainability of the
recovery.
If you are looking for signs of recovery before giving up your position on the fence, this might be the time to stop waiting for the bottom and start shopping for the home of your choice.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
PalosVerdesLifestyle - Nominated by Relocation.com as one of the top ten Los Angeles area real estate blogs. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
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Sell Smart, Buy Wise and Live Well
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333
PalosVerdesLifestyle- Norma's award winning site as the best Palos Verdes homes and real estate blog since 2007. Selected by Relocation.com as one of the top ten Los Angeles area real estate blogs. Chosen by MovingCost.com as one of the best Los Angeles realty blogs. Awarded 5 out of 5 stars by Lender411 blog review. Ranked by Technorati in the top 1% of all blogs. As seen in the Daily Breeze newspaper.
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I've been telling folks this for months. It is also time for sellers to get out there. With the repeat buyer tax program, spring is now!!!!
That is a good sign to watch what your neighbors are buying. I have been seeing my neighbors doing landscaping.
Another good post Norma. Thank you...
I totally agree with you. I just noticed that home sales in the South Bay (the three beach cities and PV) shot up over 60 percent from 12/08 to 12/09. Amazing! Also, the number of escrows is up quite a bit this month from same time last year...
Diane - Yes, inventory is low and the number of buyers is increasing daily. I'm expecting a sizzling spring market with lots of competition for the most desirable listings.
Mandy - I chuckled when my client said he knows a recession is over when he sees lots of new cars in his neighborhood, but it's probably an accurate indicator.
Beachtime Realty - I saw the same statistics on Trend Graphics--pretty amazing stats.
I am definitely feeling it in my business! Since the end of November, things have picked up beyond belief! Things we're Staging (and there's been a LOT) have been selling in multiple offers in the first week on the market. Only a couple have lasted more than a month on the market and those are above $2MM. Glad 2010 is starting off well for everyone!