Update on the Real Estate Market –
Based on a current update from Lawrence Yun, NAR Economist, we are currently trending, nationwide, at 40% of the current pending home sales being distressed sales (short sales or foreclosed properties). This is showing that current Buyers (many of whom are purchasing with cash, including investors jumping back into the real estate market) are shopping price first! For now, gone are the days that it is “location, location, location”. It is “price, price, price” first, for homebuyers today!
The residual impact targets us, again nationwide, to trend the real estate sales at 30% distressed properties for the remainder of 2011.
However, with the weakened U.S. Dollar, real estate is at an even better buying price range for non-U.S. residents. Particularly in Southwest Florida, we’ve seen many of our Canadian neighbors taking advantage of purchasing a second/vacation home with their Canadian dollar.
Jean Pressley Whittaker
Source: National Association of Realtors