Loudoun Real Estate Market Looking Good

If you keep up with my blog, you know my opinion of the market. If you keep up with the Loudoun County market stats posted on my web site (and updated monthly), then you have already seen the evidence for yourself. And if you read the newspapers, then you will see that a recent survey of other agents and area builders reinforces what I have been sharing: The Real Estate Market in Loudoun County is looking good! :) The hottest submarkets? Ashburn, Brambleton, Potomac Station, and Potomac Falls....and homes priced $400-500K, and just above $1m....but homes in Western Loudoun are selling, too! In general, Loudoun is rockin'! In fact, inventory is so tight, the sale of land is picking up again too, and custom home builders are seeing an increase in the number of their contract. This is of particular interest, as building a custom home generally requires more than a desire... it requires a significant down payment and to qualify for a loan, borrowers must have a high level of liquidity and financial stability. Interested in learning more about real estate in Loudoun County? I am here to help! Vicky Chrisner 703.669.3142

Distress Sales Plummet in MRIS Territory

This post just in from the Virginia Association of REALTORS, Submitted by Andrew Kantor on May 11, 2012 – 8:32am

We’ve now got MRIS’s April numbers for foreclosures and short sales. Short sales are slightly up, but foreclosures are waaaay down.

Short sales: 12.2% of the market, up about 3% from last April
Foreclosure sales: 11.0% of the market, down 47% from last April
Total distressed sales: 23.2% of the market, down 29% from last April

Granted, having a market where almost a quarter of the sales are distressed isn’t a Good Thing, but there’s a sense to it. People bought near the top of the bubble and have to sell (for whatever reason — job, life change, etc.). So they either take the hit or work out a short sale with their lenders.

That means that short sales are going to continue to be a noticeable part of the market for as long as lots of folks own homes bought between, say, 2004 and 2007. If they have to sell, they’ll have to sell at a lower price, ’cause it’s gonna be a while before prices are back up to those unnatural highs.

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Comments from Vicky Chrisner:  This is great news and evidence of the continuing market recovery.  From a personal standpoint, within my service areas I am seeing 20% or less of the market is distress sales (foreclosures+short sales).  In 2008, I mostly worked REOs (foreclosures); in 2009 it was a mix of REOs and short sales; in 2011 my business was about 1/3 traditional resales, 1/3 distress sales and 1/3 new construction.  So far, in 2012, I have worked mostly with traditional resales and new construction and am pleased to report that I am even doing a lot of land sales again…. I estimate the percentage of distress sales is about 15-20% of my business so far; which seems very much in line with the submarkets where I work.

-Footnote:  MRIS is the Metropolitan Regional Information System~ It is the multiple listing service for the Washington DC Metro area which includes Northern Virginia, Washington DC and most of Maryland.

This post is courtesy Vicky Chrisner, "The Real Estate Whisperer" 

Interested in learning more about local market statistics?  Check out this page which gives you some great charts and graphs about stats in the Northern Virginia Market.

To Sell Now or Wait

Like many, you’ve probably been thinking about moving up to a larger home or downsizing, or perhaps even relocating. But, the market has meant declining house values, and you’re concerned that if you don’t get enough for your home, you’ll not be able to afford what you really want in your NEXT home.

Did I hit the nail on the head for you? You’re not alone. It’s always easiest to focus on the scary, negative thoughts – fear is a powerful emotion, in fact, THE most powerful emotion we have as humans. But, as humans, we have the ability to overcome illogical fear if we’re willing to. Let me point out some things you may not know, or may not have put together.

SUPPLY AND DEMAND: Because of a decrease in supply for much of this year, home values in some areas have started to rebound slightly, and are making the sales process (when you price “right”) easy for sellers. But, that won’t last forever… banks are holding a plethora of homes in inventory (either they’ve stalled the foreclosure process or they haven’t released foreclosed homes for sale, for a variety of reasons). We expect inventory to pick up after the first of the year – if that happens, it puts downward pressure on prices for YOUR home. And, if you’re trying to wait out the storm, you could be there a long while.

COMPARE THE SUBMARKETS: If your current home's value is less than $500K in Loudoun or $750K in Fairfax County, it's likely that supply is low, and demand for your home is high. 

However, at higher price points in the same area, that's not the case.  So, if you are "trading up" you may benefit from a seller's market when you sell and a buyer's market where you buy. 

If you're relocating, you'll soon realize that our Washington DC submarket is quite different from other areas of the country.  Many areas have massively depressed home prices allowing you to scoop up amazing deals.  While buyers markets are found in many areas, some of the best opportunities include Detroit, Michigan, most of Florida, the Las Vegas area and far more.

So, whether you're moving up or relocating, you have a very good chance of benefitting from seller market conditions when you sell, and buyer market conditions when you buy.  Can it really get better than that?

INTEREST RATES: Let’s face it, Americans buy with loans… therefore, the interest rate for loans impacts you as both a seller and a buyer. Right now, the fed’s rate is 0% and it can not go any lower. To artificially DEFLATE interest rates and spur more home buying activity, the fed has been buying mortgage backed securities. This has resulted in a “typical” 6% interest rate being reduced to an average hovering around 5%.

What does this mean in dollars? Well, for every 1% increase in interest rate, if you want to keep your payment identically the same, the price of the home must be 10% less. So, buyers that can pay $500K for your home today with a 5% interest rate, will only be able to pay $450K for it at a 6% interest rate. I bet you’d like to keep that $50K in your pocket, wouldn’t you?

And, this won’t last forever either. In fact, the fed has announced it will be phasing these purchases out and no longer plans to buy these mortgage backed securities after the first quarter of next year. That means if you are thinking of putting your house on the market in the spring, that could be a very poor decision.

EXPANDED TAX CREDIT: You’ve heard of the “First time home buyer tax credit” of up to $8,000? Well, that is coming to an end November 30th. BUT, it's being extended!  And, it gets better… the new version of this program is not just for first time home buyers any more! If you are a first time home buyer you can still get up to $8000.  Or, if you’ve owned a home for 5 of the last 8 years, this NEW credit’s for you, too! Plus, the income limits are being increased…. Allowing people with higher incomes ($125K for one person, $225K for a married couple) to take advantage of the maximum credit. If this passes, it will expire APRIL 30th.

This affects you as a buyer and as a seller. You may be eligible as a buyer; but even if not, your buyer may be eligible, and certainly many buyers in the market will be eligible, spurring activity and urgency to buy before April 30th of next year.

Check out the highlights of this bill: http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

** As an aside, please know that the National REALTOR Association worked hard to make this happen.  Your national, state and local REALTOR associations are always looking out for you, property owner rights, and small business owners, as well as for our economy overall.  This bill is only one example of the fruits of our labor.

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Still not convinced? Call me for a personal consultation. I will be glad to help you sort through this, and other economic news, as well as to discuss your family’s specific situation and help you strategize to make the most of what’s available to you.

www.VickyChrisner.com

Ofc: 703-669-3142

VChrisner@KW.com

Loudoun's Sales Volume Remain Strong!

Since May, the number of home sales in Loudoun have been up considerably when compared to the same month in the prior year. Check out this chart, showing the number of sales (month by month) for 2007 compared to 2008 (courtesy of the Dulles Area Association of REALTORS):

As of October 31st, for homes priced under $500,000; the inventory level rose to a 5.5 month supply. For homes priced between $500,000 and $700,000, the supply level is holding steady at approximately 9 months. For homes priced above $700,000; the market continues to remain stagnant; rising to an 18 month supply. And for homes with prices of seven digits or more, there is an overwhelming 36 month supply of homes. Post Election Comments....

The last couple of weeks of October, it certainly felt to me like our local activity level slowed a bit as neighbors were drawn to the television wondering what bank would fail next, what the stock market would do and which Presidential Candidate would solve the economic problems of the world.

Now that the election is over, I heard agents across the country breathing a sigh of relief, almost immediately, as they reported an increase in buyer traffic to their listings. I am getting more calls from buyers, and suspect that the year will finish strong, although I still feel hesitancy in many sectors of the market.

Here in Loudoun and neighboring areas, we expect to be hit with a large activity level as the "changing of the guards" takes place over the next few months. Northern Virginia always has high activity levels following elections, especially when there is a change in party. At the same time, I expect buyers to focus on buying homes that suit their needs, foregoing unnecessary luxuries. Families making over $250,000 have seen much of their perceived wealth disappear with the changes in the economy, and many fear coming tax changes promised by President Elect Obama. This will keep them from spending more than necessary on homes; and further delay recovery in the top sector of the market.

MORE RESOURCES...........

See comments on previous months' stats in Loudoun County:

• September 2008 Market Statistics for Loudoun
• August 2008 Market Statistics for Loudoun
• July 2008 Market Statistics for Loudoun
• June 2008 Market Statistics for Loudoun
• May 2008 Market Statistics for Loudoun

Click HERE to view the reports as published by MRIS. Click on News and then on Market Statistics.

To see the graph and other historical reports as published by the Dulles Area Association of Realtors, simply click HERE. Reports are available starting from 1997.

Order a personalized Market Snapshot to give you specific information about the sales activity in your Loudoun County neighborhood! Just Click HERE! This report links to the MLS and reports live data in a personalized format. It takes only about 10 minutes for the report to be calculated and emailed to you once it's ordered.

No. Va. Shows Continuing Signs of Stabilization

In the last few months, I have mentioned positive trends in the real estate market within Northern Virginia, and I am pleased to say that the statistics continue to back up my statements. The region is showing signs of stabilization. July's statistics (published by MRIS) show that Northern Virginia (defined as Fairfax & Arlington Counties including the cities of Fairfax, Falls Church and Alexandria) indicate the following: * While prices are down about 13% compared to last year, sales prices took their biggest hit in January of 2008, and since then seem relatively stable with only minimal changes in average sales prices each month throughout 2008. * There is currently a 4.86 month supply of inventory (down slightly from last month). The National Association of REALTORS says that a 6 month inventory is generally indicative of a "balanced" market. This is down from 6.19 months of inventory in July of last year. * The number of units sold is relatively the same as this time last year, with a less than 1% difference. * We can tell first time home buyers are entering the market, as FHA and VA loans financed about 24% of the closed sales in July. * Investors have re-entered the market, demonstrated by the increase in cash transactions, loan assumptions and other creative financing options - these transactions made up about 11% of the transactions last month. Please remember that this shows statistics for the No. Virginia area as a whole. Within this area, there are many submarkets. Your agent can assist you with further determining the situation in the submarkets that will most affect you. Look for more summary reports on Fairfax & Loudoun Counties in the next few days. OTHER TOOLS AND REPORTS: A great tool for sellers to understand the market that is geographically closest to them is the Market Snapshot - order your automated report from the home page of my web site (http://www.vickychrisner.com/) . You will need to put in a real email address and real physical address, as the tool uses your physical address to determine the area for the report, and then emails the report to you. The MRIS reports are posted by region, county and zip code each month. These reports are available to the public at http://www.mris.com/

The Great House Hunt

UPDATE: Thanks for coming to my blog. Regardless of how you got here, this series was written in 2008. The market is ever evolving and hopefully you will find this information outdated. A better source of CURRENT information about buying an REO can be found by clicking HERE: REOs in 2010.


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So, you’re ready to go see some properties. With the REOs flooding the market, the term House Hunt is starting to have a new meaning. Looking at some REOs can be an adventure – think “Wild African Safari”. Here are a few tips on what to expect when you get out there… none of this is fiction, it is based on actual experiences; and it includes mundane information that will bore you, but make you more prepared for the day of "the HUNT".  (Watch this video - it will give you a clue! This was prepared by a colleague at another brokerage, but is similar to stories heard around the country!)

Short Sales – In our area, you’ll find that these are often occupied homes, so you must call ahead before going to see the homes. Many times, they're in good shape and very presentable. Sometimes, however, the "depression" of the owners will be obvious.

REOs – Let’s call these what they are – abandoned properties. You never know what you will find.

- There may or may not be a sign out front. You'll likely be greeted by signs that say "WARNING" and then have a bunch of smaller writing...but they will not be warning you of the stuff that they SHOULD be warning you of! - These homes are generally (but not always) “trashed out” – meaning the owner’s stuff that was left behind has been removed. There MAY have been a surface cleaning done. (Tip - DO NOT OPEN THE REFRIGERATOR, even if the house looks clean.) - Previous owners, depressed and angry about their situation, may have deliberately vandalized the home – and sometimes you find some really gross stuff in there. - Locks have likely been changed and the property may be winterized and/or have no utilities in service. Try to plan your trip when there’s plenty of daylight. Sometimes the locks are broken. I had a door knob fall off in my hand once. Bring a screwdriver with you. And, while you’re at it, you might want to bring a flash light, too, and, oh, a pair of rubber gloves never hurt anyone. - Who knows the last time someone checked this property? Check the perimeter of the property, and enter carefully, some of these vacant homes are being occupied by the homeless, or prostitutes. And wild animals, or dead animals (or dead wild animals) are being found inside. - Consider your dress. You could have to walk through the yard to get to the home. The grass could be overgrown (think trash, pet waste, snakes or ticks) or you could enter a home that has a pest infestation. Wearing sandals or heels and a nice suit may not be a good choice.

I do not say any of this to scare you. Banks are taking more pride and doing more to ensure that the properties are presentable. However, I know I wish someone had warned me before I showed a few of these properties!

Traditional Sales – These may be vacant or occupied, so read the showing instructions carefully. They will generally be in presentable shape, they may even be professionally staged. Utilities are usually on, the home is comfortable, and visiting these homes can be pleasurable. Sometimes, they’ll even have nice brochures, smooth jazz playing in the background; there could be take away promo items or even refreshments! Gosh, you’d think these people want to sell! After your first trip out, you’ll be more educated. Look at the prices, consider what cleaning and maintenance costs might be involved. (I had one home inspector make a written recommendation to a buyer client of mine to have the toilet cleaned by a licensed professional.) Talk to your agent about the timelines and potential negotiation and transactional pitfalls to expect from the various types of sellers. Still thinking of focusing on REOs? It’s something to consider. But, make sure you get a good deal.

Now that you have a clue about the market, are you ready?  Well... come on!  Hop in and let's start looking!

My next post will be on preparing the offer for an REO. So, you can stay up and keep reading... or jump in the car with me, and we'll talk on the way to look at houses!

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Ready to Buy?

UPDATE: Thanks for coming to my blog. Regardless of how you got here, this series was written in 2008. The market is ever evolving and hopefully you will find this information outdated. A better source of CURRENT information about buying an REO can be found by clicking HERE: REOs in 2010. FINANCES How much cash do you have to purchase this property? Will you need financing? What will that financing look like? Interview a few lenders. Find someone that has competitive rates and a wide range of products, and find someone that explains things to you well, and most importantly WHO YOU TRUST. Then, examine your options. Consider both the cash for closing and the monthly payments. Don’t forget about taxes and insurance, and HOA fees. (Tips: If you already have a buyer's agent, ask for a referral to a couple of lenders. Other good sources include a bank or lender you already have an established relationship with; and/or a referral from someone you know.) FIND AN AGENT Now, interview a few buyers agents. Most buyers NEED one, but even those that don’t NEED one, will find a great amount of convenience and pleasure in having someone coordinate this process for you and advise you at every turn. Working with a true professional will bring you great value. Plus, if you make a bad decision, and you don’t have a buyer’s agent, who will you blame? (Tips - find good agents through referrals of friends and relatives; but then interview them. All agents are not alike.) LEARN ABOUT THE MARKET An agent can tell you what’s available that meets your criteria based on an automated search. From there, drive the neighborhoods, get a feel for the areas you like best. Have your agent set you up with an automated search so you’ll be notified of homes coming on the market that might fit your criteria. This online studying will be the start of your education about price fluxuations, neighborhoods, available inventory and the activity level in the areas you're considering. If you are an investor, consider the strength of the rental markets, too, and the property price vs. the rental rates. Your agent should be able to help with this. After you’ve selected a few potential neighborhoods, consider looking at a homes. Here, there may be some minor differences between looking at “short sales”, REOs, or traditional sellers. Choose what homes you’ll see based on your criteria and the price. Don’t specifically target REOs, Short Sales or Traditional sales just yet. I learned along time ago to consider what I hear but to make my decisions on my first hand knowledge. Your agent should share their experiences with you, and be able to prep you on what to expect - like the things I will tell you in my next post… So, before you run out to get that first hand knowledge, wait for tomorrow's post. You'll be glad you did.

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You’re an investor or a personal home buyer, and you are looking for a great deal. You’ve heard that “foreclosures” are the way to go, but after reading my last post, you now know that those “layman” are mostly talking about REOs. Anyway, where to start? Start where all buyers should start – outline your goals and get a plan together. Consider: WHAT DO YOU LIKE For a personal purchase, this is about where you'll live and the quality of your life. Consider what your household needs to be comfortable and happy. How much space, what kind of neighborhood, schools, communities amenities. How many bedrooms, bathrooms? What kind of finishes? How big of a yard? How will you get to and from work? For an investment property, who will be your renter? What will they like and need? How will the property be managed? Can you do it or will it be too far from your home? Are you OK with handling maintenance issues? HOW LONG YOU WILL OWN For a personal property, think about how you believe your family will evolve over the next several years. How’s your health? What about your parents – will they be moving in? Do you plan to have kids or do you have kids going off to college? Will you be getting married, divorced, or getting a dog? How’s your job stability? Are you likely to be transferred? If you lost your job could you find another close by? Really think about this. Based on the answers to these questions, how long do you think you’ll own the property? The average is 7 years, by the way. Some people move more often, some people only move once in their adult lives. What kind are you? Here’s a tip – if you won’t live there (or don’t want to own the property) for a MINIMUM of five years, then consider renting. For an investment property, it's part of the basics. Real estate is a solid investment as a long term hold. This not the market for a fix and flip or pure short term speculation – it’s entirely too risky, so skip it. Put your money somewhere safer. If you’re planning a long term hold, more power to you – this is a great time to buy.

Truths about REOs

Thank you for reading my blog. This post was written in 2008 and the real estate market is ever evolving. It is now 2010 and the real estate world is very different, especially in the Northern Virginia area. If you're considering purchasing a bank owned home now, please refer to the updated series found by clicking HERE.


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Despite the fact that most people, practitioners and consumers alike, are now familiar with the term REO, some myths still remain. Here, I’ll address a couple that I seem to be hearing every day.

But, first, for those that don’t know, REO stands for Real Estate Owned. This generally refers to properties which have been foreclosed upon and which are now owned by the bank. In today’s market, these properties are being marketed in large numbers, and consume about half of the available inventory in many areas. So, before you enter the buying game, there are a couple of myths you should better understand.

Myth: Foreclosures are always a great deal.
Here, people often are using the words "Foreclosures" and "REOs" interchangeably, although they are not technically the same thing. In any case, considering the "as is/where is, take-it-or-leave-it" nature of the transaction, REOs and foreclosures SHOULD be a great deal. But, never assume. In some market conditions, I've heard of practitioners referring to foreclosures as “fool’s gold” because only a fool would believe they were a great deal. The message here: always evaluate every purchase individually. With these transactions, make sure you're well educated on the market conditions, and that you carefully compare the value of these properties with other types of sales. Remember to calculate in the risks and frustrations with buying a bank owned property vs. other properties in more traditional sales. At the end of the day, you have to feel like it was worth it all.

Myth: These banks don’t want the properties, so they’ll give them away.
Well, banks do not want the properties. They really don’t know what to do with them. However, out of need, they are now systematizing the management, marketing and sales of these properties. Consumers often fail to consider, however, that most banks have shareholders and they have a fiduciary responsibility to sell the properties for FAIR MARKET VALUE. By law, they are not permitted to give them away, or even come close to that. They are required to go through a process to determine what fair market value is, and to make sure the sales price is in line with those determinations. Compared to the average seller, negotiations with a bank may be tougher.

Consider this: an individual seller is making emotional decisions and is driven by their personal circumstances. On any given day, they could decide they don't care what they get for the house, so long as they don't have to mow that lawn one more time! On the flip side, they could decide since they loved the home and raised three kids there, that no matter what the market is doing, they are not selling their home for a price that does not match their emotional attachment. The dynamics of every real estate transaction are far reaching. As a buyer, you must understand what's going on behind the listing in order to properly gauge the sellers' motivation level, so you know the best way to attempt a negotiation. With individual sellers, it's a little tough, because there are more variables. However, with banks, we're now seeing patterns of behavior which are setting industry standards. This is allowing experienced buyers' agents to better advise their clients.

This is the first of a series of posts relating to purchasing REOs. There is so much to know and understand that I couldn't possibly put it all into one post. But, if you are considering buying an REO, or if you're an agent finally relenting and jumping in with your buyers, these are posts you won't want to miss.

Stay tuned!

A Place for Your Stuff

OF COURSE! You need to buy a place - NOW - a place for all your stuff!

 I love this bit by George Carlin. And, in reality, it's got some real truth to it. Everybody needs a home, "a place to hang your hat", or, as George Carlin says it "a place to keep your stuff". But, should you buy or rent? Buying is the best choice for almost everyone. The alternatives are (1) renting your entire life, or (2) being a bum. With either of the latter two choices, you will not have control over when you have to move your stuff, or how much time you'll have to get it moved. But, buying a home is not just about finding a long term storage solution for your stuff. It is about how you live your life; and it is usually the largest single financial investment of your lifetime. So, to get to the REAL answer about buying or renting, there is much analysis that should be done. It's very personal, and it's about timing.

When I say timing, I don't so much mean TIMING THE MARKET, but the TIMING WITHIN YOUR LIFE. If you are trying to time the market, however, the general concensus is this is a great time to buy! Inventory is high and prices are the lowest they've been in a very long time. Plus, loans are still available at low rates. There are also some wonderful programs available for those buying their first home. It's true that the predictions are for the prices of real estate to be stagnant for some time in most areas, so many people remain unmotivated to buy now. However, there are discussions of inflation - which causes loan rates to increase. Even if the prices of real estate remain the same, if the price of borrowed money costs you more next year, then you will have done yourself a disservice by waiting. Your actual costs will be higher, even though the cost of the home has stayed the same. If you'd like to be buying now, but your financial house is not in order, work on that. Call a real estate agent you trust who can recommend a course of action for you and help you get in position to buy. As for financial advice, some of my favorite books on the subject were written by David Bach: The Automatic Millionaire and The Automatic Millionaire Homeowner. These are not "get rich quick" books - they include practical advice, and give you financial priorities and tools for actually getting things in order. Go to http://www.finishrich.com/ for information on David Bach's books, some great calculators and other investment tools. David Bach is not quite as entertaining as George Carlin, but I'll recommend him all the same.

For a personal analysis of whether now is a good time for you to buy, or whether you'd be better off renting, please call me. And, once you've made the decision, check out the HOME SEARCH option from the home page of my main web site http://www.vickychrisner.com/. P.S. We sure will miss your perspective, George!

Read about George Carlin:

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/23/AR2008062300074.html

Market Changes - Can You Hear The Whispers?

The evening news is still shouting doom and gloom about the real estate market. When Ed McMahon is losing his house, surely the sky is falling, right? But, wait! What is being whispered in the background? Could this be it? Are we at the bottom? The only way to really know is when we’ve seen consistent statistics that prove it… and by then, it’s over, we will have missed the bottom of the market. Even so, there are starting to be some mumblings and whisperings about signs of recovery. In one way or another, we all have vested interests in the real estate market, so listen closely.... In a May 6th, 2008 Wall Street Journal article, Cyril Moulle-Berteaux suggests that April 2008 was the bottom of the market. RealtyTrac reported that, nationally, from April to May, 2008 the number of homes going to foreclosure auction reduced by 3%, and Virginia’s foreclosure rate dropped 7.65%. A recent REAL Trends survey of brokers showed 64% of respondents agreed with the statement “Our market is showing signs of improvement as of the end of May 2008.” RIS Media posted an article on June 18, 2008, quoting James Weichert (President and founder of Weichert Realtors) as saying “We have reached the bottom of the housing market and will soon begin to see improvements.” On the same day, an article by Jim Stakem (broker & owner of RE/MAX Select in Ashburn, Virginia) was featured in the Loudoun Times Mirror citing more statistics about absorption rates and prices which led him to believe "we are at the end of a rapid and painful price correction." Everyone cautions that prices will not be automatically returning to the range of 2005, that will take several years… one writer suggests that it could be as much as 15 years from now. What have I seen? In Northern Virginia, the spring brought a lot of activity. Banks finally got real about the pricing of foreclosures, with a 10-15% drop in prices in some parts of the Loudoun and Western Fairfax markets in the first few months of the year. These sudden drops motivated investors and first time home buyers. Buyers were suddenly competing for homes at the lower price points with escalation clauses, cash contracts, high deposits, and quick closings. Higher price points are still slower, but “traditional” sellers (for the most part) understand that they must compete with the price of distress sales in order to sell. So, some sellers will take the sign out of their yard and wait out the market, others will drop their prices and sell. When the price is right, the properties are moving. Activity has returned to the market. That is a good sign. Perhaps the “whisperers” really do know something? Only time will tell.