Fall River Real Estate in The Summer 2010

Fall River Real Estate is the topic! History continues to repeat itself in the Fall River realty market. 

We are still in the pea soup of the Fall River real estate market however looking beyond the current conditions; slight improvement will prevail over the next couple of years.

Many prospective buyers are still holding back because they expect to find better bargains. Jitters about job security, as well as the complications of obtaining financing and the end of the first time home buyer credit, are slowing sales.

When well-priced homes come on the market they are selling fairly quickly, unfortunately, there is a shortage of those types of marketable properties.  Only a handful of sellers are getting that message.  Because of that fact, properties stay on the market much longer than they should.   Unfortunately, it is common to see a property $30,000 overpriced for this market and then the monthly price reduction game begins.

It is a “buyers market” and some sellers are still unwilling to acknowledge that simple fact.  The steep price drops are bringing values back to a more realistic range. If the property is priced right, people are buying it regardless.
Simply stated, the housing market will recover and realize a “new normal” once unemployment and borrowing conditions improve.

Now, don’t get me started on what the appraisers are doing to keep the market from improving, I’ll save that for the next blog!