By now the bulk of the foreclosure load have been sold and despite much talk about the so-called "shadow inventory" that banks have been holding back, I do not believe its true. Of course their will still be foreclosures and short sales for several years but nowhere near the rate that they were pumping out the last few years. That means that the lower end prices have stabilized and by lower end, I mean less than $200,000. If you are a seller in that price point, you will be happy to know that potential buyers have a lot less to choose from in your neighborhood now. The luxury market however, $500,000 and up has room for much improvement and there are many great deals to be had, especially on the distressed end. There is still way too much inventory and owners that have held on the most despite being wealthy at some point have decided to walk away or short sell their properties due to the poor economy. This will be the last segment of the market to stabilize and it appears that is where the most negotiating room is if your are a buyer "looking for a deal". I am seeing many more high end short sales right now than ever and have even added a page on my site with active luxury short sale listings. If you are in the market for a luxury property in Southwest Florida, have your realtor do a market analysis on potential homes and see just how much negotiating room you have. You may be very surprised.
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