Health & Fitness
More Potential Move-Up Buyers Stay in their Present Homes.
There's a 3-4 month supply inventory in some price ranges. It is a good time to trade your house up if you can afford it as you can get more house for less money.
It is a tough market, though houses are still selling, it is a 3-4 month supply inventory in some price ranges and now we are getting into the fall market, when the market activity generally slows down. Which means there will be the same number of homes or even more for sale and less activity.
However it is not all bad news, the houses are still selling, for example in
Clinton there are 61 houses sold from the begining of this year up to Aug 4.
Also 28 houses are under contract, waiting to be closed.
Last year for the same period of time there were 64 homes sold, which is
not a big difference. However the price range is.
This year the most demand is for homes between $250k-$299k.
14 houses are sold so far this year.
Last year similar demand was also for $300k-$400k price range. 13 homes
were sold last year. This year only 8.
Interesting to compare the data to the pick of the market -2006, when for
the same period of time between
Jan 01 - Aug 8 , 112 houses were sold. Nearly twice the amount!
However now those potential sellers who would like to move up have to wait,
because they do not have enough equity in their houses to trade up, which
slows the market down. "The “move-up” category creates a chain of buyers and
sellers that is important for a healthy real estate market, since trading up
“fuels price gains and helps home owners to build equity."
Source: “Home Owners Who Want to Trade Up Are Stuck Waiting,” The Los
Angeles Times."
Unfortunately some people are upside down on their mortgage, their house is
worth less now. If they have to sell the house is going into a “short sale.”
They are short of money they owe to the lender.
And we have more short sales now which drives the prices down. In fact homes
where people owe more than their house is worth and the lender’s/ bank
approval is required account for 10% of all the homes listed for sale in
Clinton.
Again it is a good time for entry–level buyers, also it is a good time to
trade your house up if you can afford it as you can get more house for less
money
