April 7, 2011

Real Estate Sales

While the last year or two have been incredibly interesting in sales. The horizon looks very optimistic. I have been seeing more and more articles lately with positive indicators (See Linked Article). We still have a an uphill battle to work through the foreclosures but the affordability index has not been this low in 50 years as it relates to owner occupants.

On the investment side, the rental market is very strong and the list price for these homes is artificially depressed by the foreclosure properties the appraiser is using as comparables. A recent example happened two weeks ago, when I took an appraiser to 13 properties being foreclosed on by a local bank. The average appraised value came in around $18,000 to $21,000. These houses will need some TLC and will rent from the high $400's to high $600's. As you might expect, Landmark Group agents are exceedingly well versed and can help you safely navigate the Real Estate landscape.

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