Current Market trends
Although the bottom or the top of any market is only evident in hindsight, there are signs that the housing market may have hit bottom. Resales are up and the average time on the market is gradually becoming shorter. Right now, there are significant values to be had in the resale market and not just foreclosures. The relatively large number of vacant houses, for whatever reason, operates to depress values even more for the following reasons:
- Vacant houses that are poorly maintained with unkempt yards make the neighborhood unattractive
- Increasing inventory of all houses available for sale decreases the market price for houses in the inventory (supply exceeds demand)
- Reduced value of the foreclosed properties, caused when banks and other institutions attempt quickly to recover a part of their investment, as well as the decline in marketability caused by neglect of the properties.
There are, of course, also the more routine real-estate market issues always present even in a healthy, stable economy. But, the relatively large number of foreclosures entering the market in Florida has accelerated an already downward trending average market price. Realty Times tracks these trends nationwide.
If you are serious about purchasing property, you need to work with a real-estate professional, preferably a buyer’s agent. If you don’t, expect to spend more time than you would like in the process and to encounter unexpected, unpleasant… expensive… problems.
We’ll comment in our Blog spot on more current trends from time to time as well as summarize comments we get. Browse the titles until you see something that piques your interest.
