1. Most Realtors think this is a slow time and choose to take more time off. RESULT; less competition.

2. There are fewer Listings and fewer Buyers, but those who are active  are serious. RESULT; more productive use of time.

But this year things are very different. There will still be fewer Agents working and fewer Buyers looking, BUT there will be many more Listings to choose from.

WHY? Because we will still have all the normal Sellers who are serious, PLUS a large number of REO Properties which are not affected by the holidays. Banks know that each day they own a property costs them a lot of money so they will be putting them on the market as soon as they can regardless of the time of year.

So why be a Buyer now? Because you will have less competition but more properties to choose from. (Not to mention the extended and improved Tax Credit Program).

We have an much higher than normal number of Short Sales and REO properties. While for numerous reasons short sales are just sitting out there, the REO properties are flying off the market as quick as they arrive, and in most cases with multiple offers.

For a great summary on this topic check out Scott Schang’s blog at http://www.californiateachersandemployeeshomeloanprograms.com/buying-homes-in-a-bidding-war-understanding-competitive-markets/