With a slight slowdown in sales activity in October, the residential housing market actually saw a number of positive indicators, according to the National Association of Realtors. “Buyers were quick to pull back as house values declined in line with an increasing number of distressed properties around the nation,” said association president Robert Koo. “Buyers are concerned about not only buying now, but also waiting for a bargain price when prices begin to rise again.” However, in line with this cautious buying pattern, home buyers now have more time to weigh the pros and cons of a short sale versus a foreclosure. Here are the basics:
Recent declines in home prices have been felt all across the country, particularly in California and Florida. In many of these locations, first-time homebuyers are discovering that home prices have plummeted to levels not seen in over two decades. Investors are flocking to these distressed areas in search of real estate deals that will net them big profits once the market rebounds. While home prices have plummeted nationwide, the real estate markets of both California and Florida have remained resilient and steady. Homebuyers are noticing a great deal of value added to their homes as lenders work to expedite these sales and make these homes available for sale.
While the housing market inventory continues to decrease, there has been an increase in sales activity. There is hope that this trend will continue to grow and there are more homes available than ever. As long as the Federal Reserve and mortgage rates remain low, buyers will be able to get the home of their dreams at a significant savings over purchasing a home four years ago. With all the homes for sale in Colorado right now, there is certainly no shortage of homes and property for sale. Whether you are looking for luxury homes, economical homes or affordable homes, you can find them all in Colorado. | homes | August | home sales} No matter what your price range, from the modest to the more luxurious, from the rural to the urban, from the college town to the Denver’s suburbs, there are plenty of homes for sale in Colorado. And with the help of a good property management software program, investors and real estate professionals will be able to search Colorado homes by neighborhood. Neighborhoods will be identified based on criteria such as size, age of current homes, neighborhood amenities (road access and parks, clubs, etc. ), crime rate (low, medium or high), amenities (pool, gym, parking, game room), and lots and acres of available space.
The forecast will also take into account any potential pandemic outbreaks. If there is an outbreak, the forecast will discuss the pandemic or “swine flu” as it may be called. In past years, it has been possible to identify trends in pandemic movements before they happen. For example, in the past, a rapid spread of the West Nile Virus was identified in states in the southern part of the United States. However, this spread was stopped due to a vaccination campaign.
Forecasts will also discuss pending sales. Whether or not there will be any real estate sales in the near future will largely depend on how much time sellers have left in the calendar month prior to the end of the year. The October monthly jobless report showed a gain of 13,000 jobs. The report was released after the government released figures showing that there are no new home starts recorded for the month of October. With these factors being discussed in the forecasts, it is expected that there will be some moderate decreases in both the housing starts and the number of homes available for sale in the near future.