The Wall Street Journal today says that existing home sales are up across the country, and their economists now say that the home resale market is now no longer the weakest part of the economy.

But saying that the national physical health of Americans is improving does not mean that you, specifically are healthy.

Home sales to the individual are neighborhood specific.

Hidden Meadows homes are selling well, and that is good. The inventory is low and for Sellers that is good, but the hidden inventory is high and for Buyers that is good. The prices are low, and that is good for Buyers and bad for Sellers. The general economy is bad and getting worse, which is good for retirees and people in certain employment sectors, and bad for marginally employed and those in certain employment sectors where use can be delayed or avoided.

Home sales are really strong where first-time home buyers and investors are active. GENERALLY, investors gravitate toward foreclosures and short-sales, while first-time homebuyers gravitate toward low-priced turn-key sales.

There are a huge number of back-loaded foreclosures still scheduled to flood the market, and prices will reflect the pool of investors still able to take them off as soon as they hit the market. We know the pool of coming foreclosures. We do not know the pool of available Buyers.

Only individual Buyers and individual Sellers are capable of sorting out their specific situation.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: