Repo Homes Selling Fast and Selling Bigger
Buyer interest in repo houses continues to escalate as certain U.S. areas record faster sales in the past month. This helps move the anticipated spring home buying frenzy ahead of its usual March-April schedule.
Meanwhile, other cities are posting increasing sales of bigger homes, with most home buyers moving up in the housing ladder in terms of size, while new homeowners opt for larger premises. Such trends are expected to continue as more low priced residential properties come into the market.
Housing Pipeline Clearing up Fast in Some Markets
A number of areas in the U.S. are enjoying faster sales of homes, with inventory clearing up quicker than anticipated. In Laguna Woods, for example, data as of March 1, 2012 showed that, with the current pace of housing sales, supply will be sold at around three-and-a-half months. This represents a rise from two weeks earlier when nearly four and a half months was the timeline for clearing up inventory.
The faster rate of residential sales in certain areas of the country has been attributed to the low prices of homes, with repossessed properties accounting for a good percentage of residences sold. Meanwhile, in other areas, the trend is of buyers opting for bigger homes, with the average size reaching 2,000 square feet.
Spring Home Buying Starting Earlier
Traditionally, spring is when home buying activities pick up, which usually starts on the month of March and lasts until July. However, because of the available bargains, a lot of homebuyers have reportedly done their shopping a month or two ahead of the spring buying period. This means that first quarter housing sales figures will be higher than what investors expected, with buyers shopping for homes in advance.
The early shopping spree has been attributed, not just on low-priced homes and record-low mortgage rates, but also on the strong economic figures, particularly the employment situation. Analysts are predicting that more homebuyers will enter the market when cheap distressed properties held off by lenders finally enter the market.
- Builders Reduce Sizes to Compete with Foreclosed Home Sales
- Buyers Feel the Urge to Purchase Repossessed Properties Before Opportunities Disappear
- Buyers Heeding Advice to Purchase Cheap Repo Homes
- Pending Sales of New Houses and Bank Repossessions Down in Minneapolis
- Lower-Priced Miami Repo Homes Helping Drive House Sales
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