The report includes a comparison of sales for 2011 vs. 2011. Readers can also review information about the houses that sold on Nettles Island this 1st Quarter of 2011.
Grab a Second Home Bargain
Posted: Fri, 18 Feb 2011 06:56:10 EST
People selling second homes in sunny locations couldn’t have asked for a better marketing pitch than the winter of 2011. With snow turning Northern roads into ice rinks and closing airports and schools, the Sunbelt would seem to be more desirable than ever. The only glitch is the real estate hangover from the Great Recession.
“Zillow.com on Wednesday offered another bleak snapshot of the South Florida housing market.”
This article states 42% of Florida homeowners are underwater while other data sources state 48%. Michigan Homeowners are said to have 50% of homeowners underwater, while Nevada reports 66% . Although there are some variables from data sources, the overall view of the market has not been exaggerated. Although there continues to be bleak news, buyers and sellers should consult with a Realtor who is familiar with the market and competent in analyzing the information available. The numbers provided are merely averages. The Realtor in a commercial by the National Association makes a valid statement…”Every Market and Every Neighborhood is Different” Understanding those differences is key.
The same number of sales took place on Nettles Island this 3rd quarter compared to the same period in 2009. The positive difference however, was that sales prices were not as low as noted in the 3rd quarter last year.
Although this headline is alarming, we are not certain how much the expiration of the tax credit will impact our local market. Every price bracket and every township is different. Yes, we have noticed a decline in the amount of pending or new sales recently but we will have a better understanding of the impact of this incentive to buyers in the next 30-60 days.