From the emailbag:
I’m still confused why you said you think the real estate market is going to take off like a rocket in 2010. Was this sarcasm, or did I miss something in the video? And why do you think we had this run up over the last few months in home prices (at least I seem to feel like RB and 4sranch homes went up about 10% from the bottom).
There is heightened anxiety these days among those who are actively pursuing a home purchase.
They are seeing the good buys receive multiple offers right away, and get bid up over list price. Yet there are more bank deals appearing, which could mean that prices will go down too.
What will happen in 2010?
The main event from where I’m standing is that we’re not just seeing crack houses and mold farms getting foreclosed – there are some good-looking bank deals at attractive pricing.
For the buyers who have been making offers all year and still haven’t bought one, the market seems to get better and better, yet more elusive at the same time.
How buyers manage their expectations/emotions vs. increasing bank inventory will determine the market for next year and beyond.
Will buyers bid up every decent bank deal in sight, or cool off if the flood begins?
Here’s more evidence for your consideration: