There was an article in the paper the other day stating that home prices in the Tampa bay area went down another 8.2 % in October. Then it went on to state if the foreclosures were discounted, the decline would be more like 1%. That made the home owner in me feel a bit better.
I'm finding that there are two distinct markets in the Tampa, St Petersburg, Clearwater area. The distressed properties, both foreclosures (REO homes) and many of the short sale properties sell at a significant discount from the move-in-ready homes. Condition is a one word answer that has nuances to it. One of the elements that condition includes is the ability to get the property financed by a lending institution. Yes, houses need to be qualified by the bank, not just home buyers. We're not just talking about appraising here, although that is another consideration. Lender considerations include such things like, does it have a stove (range), Does it have a functioning air conditioning. In other words, can you close on it today and move in tomorrow and live in it. If not, the home does not qualify for a bank loan.
Move in ready homes command a premium in this market, but they aer being price damaged by the culls in the market place. Now that makes the home owner in me feel very ticked off.