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As The Market Turns

April 05, 2012 | Comments: 0 | Views: 153

It's been a long time coming years upon years of countless foreclosures, short sales and distressed properties have hit the Real Estate market but believe it or not, we are finally starting to see things in a better light.

Recently the National Association of Realtors released statistics that's showing improving market conditions.

In 2011 existing home sales rose 1.7 percent, but our gains came at the very end of 2011 with an upsurge in sales during the last 3 months and it continues to this day to gain momentum. December sales data shows an increase sales by investors paying cash increased by 3 percent and accounted for 31 percent of all sales.

Also, the available housing inventory for sale dropped 9.2 percent. This represents a little over a 6 month supply of homes available on the market. The lowest level since March 2005!

With prices stabilizing and mortgage rates continuing to be low more and more people are realizing that maybe they should purchase their Florida retirement home now instead of waiting several years as the market pendulum continues its upward swing.

Of course less inventory means fewer homes and increased competition for the choice of property that you are wishing to purchase. With this being said we as Realtors are still faced with the ongoing crisis of more of our contracts turning to failure as lenders continue with their onward trend of making purchasing a home more and more difficult for an average homebuyer.

To make matters worse, the way they view your credit changed on January 1, 2012. They now take into consideration things like unpaid water bills, your mobile phone and child support. If you have not paid on time, this may be reported on your credit score. Remember to keep current on all your payments.

However, NAR President, Moe Veissi still thinks that "more buyers and are expected to take advantage of the market conditions this year." He states "We have a large pent-up demand."

With the upward swing in the market place be aware that many appraisals may fall short of the contracted price of your home. This means if you have a home that has been negotiated out and the buyers are looking to do a loan on the home, an appraiser may view this home as being overpriced. You as the seller would possibly have to take less for your home or negotiate something else with the purchasers.

Values will have to "catch" up with today's pricing. This will be an ongoing process as we continue to make that swing and something to keep in mind if you're planning on listing your home.

Author of this is a site set up for our community to give you a better idea of the happenings of Hudson. I Live, Work and Sell on the water here in Hudson and as you may have guessed, Real Estate is more than a job for me it's a passion. As a Realtor and ASP I am here to help you with all your Real Estate needs. Especially on the water, but also realize neighborhood you choose can have a dramatic impact on all other aspects of your life as well. Please feel free to browse through the complimentary information I've provided @ When it's time to move, call me to get a representative on your side who has experience, market knowledge, and the confidence to help you make the best transaction possible.

Source: EzineArticles
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