The 2009 and 2010 numbers show that distressed property still make up about 50% of the total sales volume with number of closings and home prices remaining mostly consistent year over year. My expectation is that we can likely extend this table out for 2011 with a modest increase in the total number of closings. Short sales will likely increase relative to the percentage of foreclosures based on some of the challenges that lenders are currently facing with the foreclosure process. The local housing market and prices will see significant recovery when distressed properties inventories are substantially diminished. Most industry analysis suggests this will happen over a time frame of several years along with the national economic recovery.
The general message is unchanged, if you are going to buy, there is not a whole lot of reason to wait for better pricing, and if you are going to sell, unless you are willing to hold for several years, the market price you will get today might be on par with that that you will get in a year or more. The value you will get for your home in the near term is less a function of the market as it is a function of the condition, attractiveness and marketing of the home itself.
Whether buying or selling, I strive to keep you informed with balanced information to assist you with your on-going real estate assessments. Please contact me if you want to know more about specific selling needs or buying opportunities, or if you have any other real estate concerns that you would like to discuss. I am here to help!
Company: United Realty Group
Phone: 954-249-7943
Email: dalbornoz at aol dot com
