The Shift

looks like the banks are slowly releasing all their foreclosed inventory, just a few at a time, creating multiple offers way over asking price in my area...

Seems to be the same where I live. We put in offers but they go to another bidder; we are adjusting for the market, so hopefully soon. One we had the seller agree, but the bank is still dragging a its bags of money. LOL

I live about a 1/2 hr. away from Valerie and have seen properties go for 30k or more over asking price with multiple offers.

Still below the asking in most cases,however enough of them are selling at or just above.

Sounds like there are a lot of investors buying up properties! If you have to offer asking, an investor will still pay a little more if they are in the game. If they don't want to pay more than they must sit on the sidelines. PEOPLE!! Someone is spending their money. Pay more, sell for more!

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

If ours were below asking i would be doing back flips.

If every one is paying over asking than that is what the MARKET requires. This could be a good time to increase your marketing to UNLISTED motivated sellers. You can still make deals. Sell to those guys that are paying over asking!!

Michael

I just had this thought and I had to post it.
The "shift" reminds me of riding my motorcycle. If I stay in first gear while every one else is shifting to 2nd, 3rd, 4th, 5th and 6th gear I WILL BE LEFT BEHIND. We must "upshift" and "downshift" as the market requires. We can't stay in 1st gear when the road(market)requires us to be in a higher gear.

Just an interesting analogy I thought of.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC

I live in Connecticut and the market is shifting but not as fast as other state, but like Dean said this is the best time to make money. I would be riding this shift on the way up wholesaling deals to all the spectators.

Michael, Thanks for the input. Funny thing is, i just had a conversation with another investor and told him i was working on direct marketing and also working on marketing for referrals. Than i looked here and read your post.

Good for you! You can do it. I guarantee you that when you get a good deal under contract in California it will go in 2 seconds!

Michael