Pent up Demand?
I had a bright and shiny new listing that went for sale last Friday, and, by Monday, we had it under contract. In this economy and slow real estate market, that type of scenario has been all too rare. So, why did it happen for us? I think there may actually be some pent-up demand in some areas. There have not been as many cute listings going up for sale because normal sellers without any distressed sale issues have not been confident in the market, therefore they haven’t been selling. We have seen short sales, foreclosures or sellers that need to sell because they can no longer afford their homes, but those homes are generally not as cute and move-in ready, or what Realtors are starting to call “Pottery Barn Perfect”. My listing was cute, well-maintained, priced right and move-in ready, and it seemed like there were many serious buyers just waiting for something to come on the market like that. I couldn’t even count how many people came through my two hour open house!
So folks, I guess the moral of the story is that buyers are out there and they are waiting for the good stuff. I actually think there will be more buyers as the year progresses because of the tax credit and the housing stimulus package. I would caution that this type of demand may vary in area and price range, so feel free to contact me for my opinion if you are thinking of selling.
Having just bought a house last fall, I was amazed how often the phrase “Pottery Barn Perfect” was abused in real estate listings. We decided that it must be the code word for “professionally staged” – kinda like how “cozy” is the code word for “tiny.”