What happened to the inventory shortage? Here's the quick explanation. Prices went up along WITH interest rates. As the rates climbed, so did a home buyer's affordability. Let's take Highland Reserve (an area in which I specialize) the average sold price per sq ft has lingered around $155-$160, however since sellers have caught wind of climbing home prices, they are now asking in some cases OVER $200 per sq ft. That wouldn't be the worst thing in the world if it were not compounded with rising interest costs. I advise the sincere seller to evaluate their goal and set a realistic price to meet their needs. Otherwise we will see a reverse bidding war before too long.
http://www.youtube.com/watch?v=mFK16b1JktA&feature=share&list=UUdLQUUYAzQZwlrBjBYsYioA
This post was contributed by a community member. The views expressed here are the author's own.
The views expressed in this post are the author's own. Want to post on Patch?