Monday, May 19, 2008

Open House Traffic is Better than Expected

Sunday, May 18, I held an open house for my listing at 934 N. Avon in Burbank. It's a great 4 bedroom, 2.5 bath Tudor with both character and modern updates, and it's in a fabulous area of Magnolia Park. I had it advertised in both print and on the internet, of course. The turnout was much better than I expected. Here are my numbers. We had about 19 to 20 groups in (a group can be 1 person or 10 people, but they are all together and represent one purchase). The "normal" number of groups last year, before everything went dead in August, was about 15 groups. It was a first open house, so usually the neighbors account for at least 5 to 6 of the groups. Here, there was only one couple who were neighbors. Everybody who came seemed to be a serious house-hunter. Almost every group was at least a 30-yr-old plus couple and at least half the groups had kids. Of those, several had infants. As we all know, couples with kids are the backbone of the middle-class real estate market. And, the temperature in Burbank was over 100 degrees. Nobody visits open houses when it's that hot except for serious lookers.

What does it mean? Is the housing/credit crisis over? No. But I think last month's loosening of credit -- the first since August -- is certainly responsible for buyer activity. Will we get an offer from this? I'll keep you posted. I expect at least several second looks.

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