Ramesh Nyberg's Real Estate Blog

...is NOT a train after all.
Okay, I am officially changing my status from "cautiously optimistic" to "pretty darn excited." Here's why:

The December sales stats are out, and the outlook continues to brighten, this time more significantly than we have seen all year. (If you want to see the actual charts, just click here, or click $ales by the Numbers, from the column on your left) First of all, the inventory (unsold homes) of single family homes in Miami-Dade decreased for the third straight month. It is the first time we have seen that number since December of '07.

Pending sales rocketed up to 932 homes under contract, the biggest number we have seen in at least over a year. Consider all this happening in a holiday month, and the turnaround we are looking at is almost Dolphin-esque. 

I've been making lots of calls for showing appointments lately, and more and more, agents are saying, "Sorry we just went under contract."

Many of my customers are now telling me what I've been saying in this blog for months: to land a well-priced foreclosure, you need to act fast, and you need to offer either full price or as close to it as you can.

Yes, it is still an overall buyer's market, but foreclosures are a sub-market all their own, and it has started to become a feeding frenzy.

I'm actually excited about 2009. This month already has me hopping.

As always, I welcome your feedback and comments.