I hope everyone is having a great start to 2012. With April behind us December will be here before we know it. I would just like to touch base and keep everyone updated with my thoughts on the ever changing Real Estate Market we have ahead of us.
Foreclosures and Short Sales will remain King and Queen of sales
We certainly are seeing better numbers in the last 90 days with our current inventory of QUALITY foreclosures and S.S. starting to dry up. In some areas foreclosures and s.s. are making up more than 50% of home purchases. I’ve worked with several buyers looking to purchase QUALITY homes in the 150 – 250k range and we have settled on numbers above list price on three different occasions. That could mean a few different things:
- Quality inventory is decreasing and consumer confidence along with demand is increasing.
- The banks are simply not releasing homes in their inventory in order to control supply which will ultimately control the sale price of homes.
- The banks are pricing these homes low enough to create excitement and attention from more buyers creating a multiple offer situation very similar to an auction process where competition can breed higher sale prices.
Either way you look at it I believe the bottom is near and now is the time to buy. How long we will remain at the bottom is another topic in its own! However, if you were one of those people waiting for the bottom, now is the time to start shopping. Just remember if you see a great home in a great neighborhood at a reasonable price, MOVE FAST.
If you or anyone you know has any questions or needs my help buying, leasing or selling their real estate please let me know. Our office also specializes in helping those people negotiate with the bank to avoid foreclosure and settle on a short sale.
Follow me on Twitter @SouthFLRealEst8
Whitney J. Dutton
Berger Realty Group
954-614-6517
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