I sat an open house at a Chandler foreclosed home today. As such, at open houses, I always get questions as to the state of the market and what’s happening. The answer is that there is a lot of activity out there in terms of potential buyers in our local real estate market. So, I thought I would categorize the results here for the property I was at.
Now, the property was located in Ocotillo in Chandler and because of that and the fact that it is a foreclosed home, the traffic was more significant. I wondered if the Super Bowl last week that softened activity for last weekend meant that activity for this week was stronger as people got back to looking around. Here is my summary:
Approximately 15-18 groups of people came through the open house.
- 5-6 were neighbors.
- 3 came in and immediately left upon realizing that the home just wasn’t what they were looking for.
- 1 was thinking of downsizing their existing home in the future.
- 3 were considering investment properties.
- Additionally, there were three Realtor showings on the property, one of which ended up coming back a second time with their client (more serious buyer there).
- 1 Realtor who stopped in to recruit other Realtors – I told him I am very happy with the direction I am heading.
- 1 was Canadian and considering a second home here.
- 1 mortgage broker stopped in.
That’s about the summary. As I consider the reality of more foreclosures on the way by all accounts, I can visually picture a time graph that shows the number of foreclosures growing over time. However, I can visualize another graph on a separate plane that has yet to intersect and that is a buyer graph. The buyer demand curve is strengthening but no where near where it would need to be to overtake the current property issues we have. In some sense, it’s like a grass roots campaign just barely starting to get some legs. But it is on the move and at some point hopefully, it will become strong enough that it should be placed back on the same plane as the supply curve.
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