Now that we have the economics 101 out of the way let’s look at the Reality As Is way a market behaves, or in this case misbehaves. Markets for housing are constantly in flux, having homes sell and new home come on the market and how that relates to pricing. To price a property correctly in this type of market with an absorption rates less than 8 months but not less than 3 months, you would have to be an attractive home in the lower 30% of the price range for similar properties in order for it to sell in the next 12 months. [...]
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Because real estate has seen a perfect storm over the last 2 years. Lending being turned upside down with an outcome of few people can now qualify for homes. Pricing drove through the roof by investor buying. The lending industry allow state income loans, builders and home seller could sell their over median income qualifying home, easily to almost anyone with no money down on a 100% stated income loan. Literally anyone could buy and home with no money down. Now all loans are fully qualifying with verified income. [...] |
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