The short answer is – there is a shortage of home inventory under $200,000. There just is.
….So why do I keep seeing all these for sale signs?”
There are 3 simple reasons:
There are approximately 30,000 + listed homes in the MLS and First MLS system, down from the 48,000 + homes at the height of the market. Competition is stiff for homes that are priced under $200,000; downright fierce for homes priced under $150,000, mind-numbingly crazy for homes priced under $100,000, and next to impossible to get without cash for homes priced under $50,000.
The cost of land and building is high, so builders aren’t really building any communities for less than $200,000 in high demand areas.
The high volume of distressed homes have been greatly reduced by the strong buying market of cash investors and savvy home buyers. The economy is recovering, and most homeowners who could not afford to keep their homes either short sold them, foreclosed them, or modified their loan;
….So what can I do?”
Be prepared, be VERY prepared.
If you follow these few tips you can be well on your way to getting into your perfect home.