By Jennifer Srock
Buyers must be prepared for the current housing market. No Proof of funds? Need time to decide? You may miss out on the house you want. Like most markets, the real estate market moves like a pendulum. We’ve seen a major swing up in prices to be followed by a drastic drop and now we are about to see the other side of the arch. As good as it might feel to see housing demand increase, let’s hope this swing is not as dramatic as the last.
The Tri-Valley Dispatch reports:
– Supply of homes on the market is down 42 percent since February 2011.
– Monthly foreclosure starts were higher this February than the preceding month, but were down 9 percent from February 2011.
— The number of homes reverting to lenders at trustee sales has fallen 72 percent in the last year as normal resales and investor flips rose sharply and sales of bank-owned and government sponsored enterprise homes dropped significantly.
— Sales by lenders in Pinal were a fraction of what they were the previous February because bank-owned, HUD and Fannie Mae/Freddie Mac sales combined fell from 431 last February to 192 this year and the average price per square foot rose about $5.
Wonder why you’re not finding many homes available? Wonder why you may be advised not to try to negotiate?
Click the following link to find out more about the Pinal County Real Estate Market.