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Chris Brown's Blog

By Chris Brown 407-367-2974 | Mortgage Broker
or Lender in Lake Mary, FL

Falling Home Supplies Mean More Multiple-Offer Situations For Buyers

The national housing supply fell to a 2-year low last month, according to the National Association of Realtors®.

At the current sales pace, existing home inventories would sell out in 7.8 months -- 30 percent faster versus November 2008.

For a 10-month window, that's a major housing supply reduction and it helps to explain why multiple-offer situations have been so common lately.

Moreover, the same report from NAR showed sales activity reaching its highest point since July 2007, too.

If you're looking for evidence that the long-standing Buyers Market is ending, this month's Existing Home Sales report might be it.

Even median sales prices -- typically dragged lower by..............

Read the COMPLETE BLOG POST HERE:

Falling Home Supplies Mean More Multiple-Offer Situations For Buyers

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Chris is Florida's #1 FHA Mortgage Broker and a syndicated mortgage blogger. He is regular contributor to the three leading industry blog-fronts including The Mortgage Chili Blog, My FHA Mortgage Blog, Top of Mind Networks, the newest contributor to Lenderama and recently featured on Fox35 News.

Chris can be found at
Orlando FHA Loans,
Chris[at]OrlandoMortgagePro[dot]com,
or by calling 407.377.0500 x 210

Comments

By Mark LeMenager,  Tue Oct 27 2009, 04:48
When demand exceeds supply, prices go up. So Chris, when do you expect prices to start going up?

I have my own theory. Based on the stats I've done (see: http://www.BuyInCentralFlorida.com) I'm thinking that the banks have yet again displayed their poor business skills by pricing their properties too low, which in turn keeps driving down the bottom of the market.
By Chris Brown 407-367-2974,  Tue Oct 27 2009, 06:25
Mark - thanks for chiming in... it is not a simple problem, that is for sure! =0) many facets that, if responded too foolishly, can have some detrimental unintended consequences.

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