Those in the field have felt this trend deepening since the middle of summer. All of a sudden we had more buyers than desirable inventory and the ‘good stuff’ wasgetting snapped up in a matter of days if not hours. The really ‘good stuff’ was now getting multiple offers leaving the winning bidder wondering if they had paid too much and those that lost out wondering if maybe they should have upped their offer just a smidgen. Never a win-win situation.
It has been a buyers market for so long that buyer thinking is lagging behind. They are still saying “Whoa, this is my time, I am in the drivers seat here, can’t I offer whatever I want and walk away with the deal of the century?” Looking at the other side of the coin I wouldn’t say it is a true sellers market as the headlines of Inman News would lead one to believe but if this low inventory level continues prices will gradually increase. I think we are a long way away from the buyers frenzy of ’06 and I for one hope we never see that kind of insane buying again.