Archive for February, 2011

Housing market still rocky…

February 1st, 2011

A few days ago I read this article on Delaware Online.

http://www.delawareonline.com/apps/pbcs.dll/article?AID=2011101270321

Thought it would make sense to repost the link here because it has some really interesting data and these articles quickly get buried after a few days.  Newark/Glasgow area has been the hardest hit “post tax credit.”  We have definitely seen that first hand.  Our average time on the market went from about 10 days while the tax credit was still on, to about 45 days after that.  While 45 days might seem great, especially to a private home owner trying to sell a house, our properties are bought with the specific intention to fix and sell, so they’re generally in “like new” condition from the renovation and priced to sell.  Many home owners who have seen their values decline over the last couple years aren’t always able to price aggressively without being a short sale, and you also end up competing with bank owned distressed homes at discount prices along with fully renovated homes like the ones we sell.