I had a buyer call me today wanting to buy a 2 bedroom 2 bath in Kings Creek for under $90,000. I told her there weren’t any on the market in that price range at the moment. She responded, “What happened to all of the inventory”? I explained that investors were snapping up the lower priced units, usually foreclosures and short sales, and turning around an renting them.
At every single one of EWM’s weekly office meetings over the last several months, we have been selling and renting more than we have been listing. Inventory has been decreasing steadily and the pickings right now for buyers are slim. That may turn around if the back log of foreclosures come on the market, but the banks are also getting smarter and are finally starting to agree to short sales. If you are a buyer, you might want to get off the fence. If you are an owner with equity, you may want to consider selling. There are buyers out there without a lot to choose from.