Foreclosure sales are winding down in Lee County due to a general lack of foreclosure inventory. Homes that are still in the court system awaiting adjudication will be GOBBLED up at the auction on the court house steps weekly. The MLS will see less and less as we have already noticed.
In other words, if you are a buyer, you will likely pay more by waiting longer. Prices are rising and demand outweighs supply for the first time since 2004-2005. During that time prices rose rapidly.
Although many don't expect a ramping of prices, it would be fair to say that we are 20-30% below fair market value in many local areas and even more in some other outlying spots. This means prices are still a bit low and will likely head higher as builders have started to build new homes post haste, which in turn, begins to set higher comparable values. Shortly these new forces will likely outweigh the foreclosure sales potential negative impact on neighborhood values.
My opine: Prices are GREAT! Engage the market and buy. The alternative is that you will likely pay more for your home next year.
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