2011 feels a lot like 2006…

There are very oddly hot pockets in the market right now, namely REO properties. Each bank owned home I have written an offer on the past few weeks has had multiple offers (4 to 5 for each home). Yesterday while showing a newly listed REO home in Meridian there was literally 4 cars full of buyers and agents waiting their turn to get in to see this latest offering. This feels much like the real estate boom of 2006 but today the focus is primarily on bank owned properties with multiple offers the norm with instructions to put forth you final and best offer. Buyers are flocking to these homes in a way not seen in years; with urgency one would expect with shelves running empty in a grocery store before a hurricane is to hit. Is there such panic the bank foreclosure market will dry up before the buyers do? These are not investor buyers, these homes are only open to occupant buyers for the first 15 days. Perhaps buyers have finally caught on that this is as good as it is going to get…we can only hope.