This is an article from my upcoming newsletter:
Sales
While still low in numbers, local (Southeast Florida) residential home sales have been spurred in recent months by significant price declines, very low mortgage rates and, for first time homebuyers, a federal tax credit of $8,000 available if the housing deal closes on or before November 30, 2008.
Today's buyers are highly selective & will buy a property only when they perceive it to have value. Generally, that means a property that is competitively priced for its market & condition. Buyers often pay more, even in this market, for a well-maintained & updated property rather than spend scarce money & time later to rehab a home. On the other hand, properties that need a substantial amount of repair or rehab will linger on the market unless its price is adjusted to ‘compensate' a buyer's risk.
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