Mike Castleman is the founder and CEO of Metrostudy, which has been collecting United States housing data for many years. Mr. Castleman predicts there will be a shortage of homes in the US soon, which will lead to rising home prices.
Metrostudy aggregates data on the number of homes that are vacant and for sale and how long it takes to sell all of them in each of the cities on which it collects data. The company supplies the information to its client base in order to try and determine whether a market has a surplus or a shortage of new housing.
In the 41 cities Metrocity covers, about 78,000 houses are either vacant, for sale or under construction. The category reached a peak of 343,000 units in mid-2006. Mr. Castleman says that if we had normal levels of buying the current inventory would sell in 2 1/2 months. If this were to be the case, Mr. Castleman says there would be an "incredible shortage" of homes and he predicts "that's where we are headed."
I have found that the more desireable communities that I serve have continued to have a dearth of "distressed priced" homes; and those that happened to enter the market were snapped up quickly. I think it depends on the area in which you are seeking to buy or sell a home. Certain segments of the South Florida market have a narrow inventory level and have not experienced as big a price drop after the housing "bubble" burst.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your e-mail address to the number below and I will provide information requested.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
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ReplyDeleteThe correct selling price of a home is the highest price that the market will bear. To assist you in determining the correct asking price it will provide you with a comprehensive market analysis of comparable properties sold and offered for sale in your neighborhood.
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