Delay and Pray

I'm back from burying Dad and helping Mom with her transition to a new reality. There is no way to delay the inevitable, and perhaps no way to prepare for it. Things kept rolling along in my absence with deals coming together and falling apart, all to the beat of giant juggernaut we call life.

Upon my return I spoke with Kelly, a longtime friend and client, about the current real estate market. When we began looking for a place for her to buy last April there were all of 67 properties along the 78 corridor. At the first of this week there were 57, most being short sales and in some state of negotiations presumably. In the end, nothing Kelly wants to buy.

So she asks me, 'What's going on? How long before the floodgates open?' A wonderful question, one that so many of us are pondering. My answer was along the lines of this great story from Marketplace radio on KPBS.org. Listen and learn:

http://marketplace.publicradio.org/display/web/2009/08/26/pm-banks-q/

My prediction is that as soon as the first time home buyer tax credit expires, there will be a flood of properties. The result of this I only dare to think.