We have noticed that there is a renewed interest in real estate. Actual viewings of properties rose significantly in the late spring and have continued into the early summer months.
There is even some evidence that there has been an increase in offers being written. However, that has not translated into an increase in sales at this time.
Lenders are certainly reviewing loan applications with a far more critical eye. This has been one factor in the difference between offers written and listings going under contract. A second factor is having properties appraise for the required amount as distressed property sales weigh more and more heavily. But, the initial step in the entire procedure is having the properties viewed so at least we can take some comfort in that.
A question that logically follows is why we are seeing this renewed interest? Is the general public starting to feel a little better about the country's economic health? Are the deals showing up in real estate simply to good to pass on? Have prices decreased to the point that the public now perceives real estate as a good investment again? Or, is it simply that we have more people thinking in a summer frame of mind? That frame of mind has historically provided us with an increase in showings at this time of the year.
I guess the answer is not to over analysis the increase in traffic. Hopefully it is a combination of all these factors that may start the wheels of real estate on Hatteras Island to start turning again.
