Believe it. Or don’t. The Highest and Best is back.
For those unacquainted with paranoid REALTOR speak, the highest and best is this: “we are putting you on notice that we have multiple offers at this time for this property. All participants are encouraged to submit their highest and best offer by ____ (usually 4 pm MST) for submission to the seller (usually a bank) at the same time.”
Showing is better than telling. It is a hallmark of what Hannah and I do. We can’t tell you that there is a real estate recovery afoot. You have to believe personally that there is a real estate recovery. We have a conflict of interest: it suits our financial interests for this market to recover.
But we can show.
I have written five consecutive offers. Granted, all were on bank-owned properties. All five, my buyers have been on the losing end of the stick in multiple offer situations. These properties have been in EAS, N/E, N/W, BRI and Ute Pass. Five different areas. Ute Pass! This morning I called for an investor on a house that was the single-most disgusting condition home I’ve been inside in probably 8 or 9 years. It’s a steal, but you need to wear a HazMat suit in there. Latex gloves all over the floor on both levels are never a good thing. I called the agent to see if we could throw out something cheap. “Owner occupant or investor, I’ve got two from investors submitting this morning so it’s going highest and best later today” he growled.
We are completing the 2012 Annual Report. You can take a peak at the December 2012 Stat Pack if you like, but we are seeing double the buyer interest from December, and, believe it or don’t, a market that actually has 4 fewer listings for sale than it did January 1st. It’s a ten-year low in inventory. It’s five month’s of inventory in January. It’s flippin’ maddening.
Of course, the real estate community has been telling people this market was poised for recovery since May, 2006 (it tipped 3 days before, back in April, 2006). So if you’re reading this with a healthy dose of skepticism, I can’t blame you.
All I can leave you with is this: you will know the market has recovered when you see it in the rearview mirror. And yes, I coined that phrase four years ago.