Regular Sales are Back!

Over the last 2 weeks, I have seen a surge in Regular or Equity Sellers. For most, this term is foreign only because Buyers are hearing about Short Sales, REOs, Foreclosures or Corporate Owned sales. The regular sale is the person that actually has equity in their home. There is no bank involved that needs to give an approval of the sale of a home. Waiting 3 months for a response on your offer is not part of the process with the regular sale. People are getting the confidence in the market and feel that its a good time to sell their home.

In the last 2 weeks, I have taken 2 regular sale listings and going on my third this afternoon. Being that prices have stablized in the OC market, for the most part, sellers feel that its time to cash out and take what they can get. As a buyer, these are the best homes to put offers. They will usually be in the best condition and as mentioned previously, dont have to wait for that lender approval. These homes usually go quickly, if priced correctly. For example, I had an Open House 2 weeks back, and had 28 people visit on Saturday and 37 people on Sunday. In turn, the home sold in 5 days of being on the market.

The resurgence of the Regular sale is definitely a good thing. Its a sign of hope for the Real Estate market that has taken a big hit over the last 2 and half years. Moreover, it gives buyers today a better quality home to chose from. A home that has been lived in and taken care of. This being in contrast to the Foreclosure and short sale property that have been neglected and in many cases, abused. Hopefully, with more Regular sales coming on the market and more confidence back in the market, we can expect a bit of more normal market for 2010. Only time will tell.