USA Today: Downturn Near End
May 6, 2009 by admin
Filed under Real Estate Articles
Multiple bids have picked up in recent months in California and other states hit hard by foreclosures and steep price drops, real estate executives say.
“If a house is in a good neighborhood, is maintained and is a good value, it’ll get multiple offers,” says Julie Holt, owner of Anclote Title Services in Tarpon Springs, Fla. One in 10 homes now draw multiple offers, up from one in 30 last fall, she says.
Multiple bids usually signify a market in which prices are rising and buyers outnumber sellers. That’s not true now, given rampant foreclosures, still-falling prices in many regions and low demand for higher-price homes. Multiple offers on distressed properties are also not new, but their recent frequency offers hope for the real estate market, says Beth Peerce, treasurer of the California Association of Realtors (CAR).
Mike Lyon, CEO of Lyon Real Estate in Sacramento on Foreclosures: That market has 1,600 bank-owned properties for sale, vs. 2,800 a year ago, he says. “We are beginning to see the beginning of the end of a disaster time.”
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