We’ll rundown the useful and motivational (courtesy of Brian Buffini) info by sharing some interesting numbers.
Ask why banks should like short sales more than foreclosures, and we can tell you that according to Wells Fargo it takes them an average of 350 days to get home to market. So why do the bank continue to be so sloth like in terms of short sales? Time is money.
On the buyer side, first time homebuyers normally make up more than 50% of homebuyers. Not so now. The numbers stack up:
About 43% of people represent trade up buyers
First time buyers embody around 33% of buyers
Investors make up the remaining 23%
Even with low prices and low rates 1st time buyers continue to be scared, thus the lower percentage. Do they know something we don’t or do they just listen to the major media too much?
Anyone who wants to put the meeting and the current real estate market into perspective should consider what Brian Buffini said, “We’re having a sale!”