For Sale By Owner

Looking for the positive things even in adverse conditions is a healthy mental attitude.  The media hype about the bleak conditions of U.S. real estate and inventory of homes advertised in MLS listings, FSBO and flat-fee brokerage listings stagnating, prices of secondary homes falling down, foreclosure of homes crossing million mark in the country etc. are the darker side of the episode.

But what is encouraging is the government is gearing up to mitigate the grievances of distressed home  owners and taking all measures possible to control the situation going out of hand.  It is true that foreclosure is engulfing as an epidemic in almost all States.  At the same time the light at the end of the tunnel is sales of these foreclosure properties is also picking up on the expected lines. The inventory of these distressed properties are fast depleting because of their attractive prices.

The brighter side of the market softening is it gives a never before opportunity to home buyers, who are grazing the MLS listings, FSBO category and flat-fee brokerage listings, to buy homes at neighborhoods they could not have dreamt of at prices of all-time low.  Statistics blare that median price of homes in the country – taking single family homes for specific study – has come down to $356,000, a whopping 32 per cent decline from what it was in August 2007.

Home buyers can consider this while embarking on searches through MLS listings, FSBO and flat-fee brokerage listings for their dream homes.  Is it not a wonderful opportunity they have been waiting for?  Figuratively this means a saving of thousands of dollars in real money while buying a home.

Already early birds have started penetrating the market to cash in such advantages.  According to reports in certain States like Virginia home sales are picking up fast, eating up the inventory of secondary homes considerably.  The spectacular increase in the last 6 months is stated to be more than double that is 105 percent.

So the lesson to be taken here is to check the indicated prices of homes advertised for sales in MLS listings, FSBO category and flat-fee brokerage listings for all models – single family homes; multi-residential condos and apartment communities with care.  A comparison of prices at which properties of these models were sold some 6 months back, will give an indication to the quantum of decline in them.

A prudent investor will make the calculations right in counting the benefits accruing over the present prices and further waiting to plunge into home buying activity may not be advisable.