A close look at our market condition is beginning to show signs of some stability in our market. A better employment picture and stability in prices in non-distressed sales is very good news for our skittish markets. Also contributing to this level of stability has been the “slow down” in the number of properties coming into foreclosure, the seeming ability of banks to speed up the “short-sale” and foreclosure sale process and a “dichotomy” in the types of buyers in the marketplace.
The dichotomy we speak of is that we are seeing a real division in the types of buyers out in the market. I think there were a lot of what I will call “regular buyers” looking for a home and a place to raise their families really thought that a foreclosure or a short sale would be the pathway to their dreams. They have found, however, that the process is still very long and often uncertain and these types of buyers have decided that the best way to find a home may be in a conventional, non-distressed situation where a home has been maintained and has not suffered the physical stress that is often found in foreclosed and short sale homes, particularly with foreclosures.
What does all this mean? Well, we think 2012 will continue to be a challenging year where there will be many “opportunities” for the investment buyer looking to purchase good deals on the foreclosure and short sale markets. There will be super deals if that is what you are looking for. On the other hand, we think the non-distressed market, although receiving some downward pressures from additional foreclosures, will remain rather stable. Once we start seeing the “end of the tunnel” with foreclosure and a hopeful continuation in our employment numbers we hope to see more confidence with buyers….particularly first-time buyers.
Whatever your real estate needs and goals are, please contact The Family Team for all your real estate needs……EXPERIENCE ALWAYS COUNTS…….BUT IT COUNTS MORE NOW!
by Gilbert P. Bricault, CRB
