Well, let’s call a spade a spade. If it’s your house being foreclosed on, that’s not so great.
But there are two important facts to consider. First, the current local real estate inventory is actually tight right now, with just a five-month supply of homes on the market.
In contrast, at the peak of the recession the housing inventory stood at 18 months in Pinellas county. (Housing inventory simply means if you took the total of all houses on the market today, how long would it take to get them all sold, assuming no new houses were listed during that time.)
Many properties are again seeing multiple offers, indicating strengthening demand, at least at certain price points.
Second, clearing out the backlog of foreclosure homes needs to happen, make no mistake.
If you know that in two weeks Macy’s is going to have a huge semi-annual clearance sale, do you run to the mall to buy at full price today? Of course not, and neither do home buyers. Our real estate market is just not going to get back to normal until the “clearance sale” is over and done with.
A recent article in the Tampa Bay Times gives more in-depth statistics on where things are at with regard to foreclosures in our area, Tampa Bay leads nation in foreclosure filings.
Although many foreclosure homes are in rough shape, there are definitely opportunities to be found in that market segment, making this still a great time for home buyers to get active again. And with mortgage interest rates below 4% for qualified buyers, there are some sweet deals to be had.
If you’re ready to buy, give me a call at 727.286.1249.Google+