Posted on Friday, December 23, 2011
Shadow inventory, that stalking force which threatens to increase supply and decrease real estate prices remains on Realtor’s mind. What to do? What should buyers and sellers do? Track inventory trends in your target neighborhoods and make sure you like the property you purchase. Would you be OK with a price drop if these bank owned properties came back to the market and prices dropped?
There was some good news yesterday from Inman News, reporting “Lenders had a ‘shadow inventory’ of 1.6 million distressed properties and repossessed homes they hadn’t yet put up for sale at the end of October, down 16 percent from a year ago, loan data and analytics provider CoreLogic reported today.” Florida is in there as one of the six states accounting for much of the inventory.
Having said all this prices are rising in Naples real estate – not decreasing – and inventory levels have dramatically decreased – so if the banks are moving properties to the market demand is keeping up with up it. How “shadow inventory” is left to sell? Who knows but so far so good in the local markets and Good news on the national level.
Have a good day today and happy Friday.
No legal or investment advice or suggestions are being given in this Blog. Actual real estate price and sales results are subject to market forces and are not completely predictable. Please consult a lawyer or investment advisor for such legal and investment advice. The writings of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA
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