{"id":1623,"date":"2011-09-08T08:27:30","date_gmt":"2011-09-08T16:27:30","guid":{"rendered":"http:\/\/blog.movoto.com\/real-estate-news\/movoto-september-market-update\/"},"modified":"2011-09-08T08:27:30","modified_gmt":"2011-09-08T16:27:30","slug":"movoto-september-market-update","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/movoto-september-market-update\/","title":{"rendered":"Movoto September Market Update"},"content":{"rendered":"<p>The Movoto market update newsletter is back!<br \/>\nA quick update on current real estate market conditions:<\/p>\n<ul>\n<li>Prices are stable;<\/li>\n<li>Interest rates are low (<a href=\"http:\/\/t.ymlp26.com\/uwhuaxauesqaraembakauuejew\/click.php\">Bankrate.com<\/a>);<\/li>\n<li>Sales volume is low (<a href=\"http:\/\/t.ymlp26.com\/uwhealauesqavaembavauuejew\/click.php\">NAR report)<\/a><\/li>\n<li>Mortgage applications are very low (<a href=\"http:\/\/t.ymlp26.com\/uwhmakauesqagaembalauuejew\/click.php\">Mortgage Bankers Assoc. Report<\/a>);<\/li>\n<li>but inventory (especially at prices &lt; $150,000), is down as foreclosures trickle through the system.<\/li>\n<\/ul>\n<p>Our conclusion after digging into our Movoto listings statistics: we\u2019re in a market where supply is short on the low end and demand is short on the high end.<br \/>\nMovoto\u2019s August ending snapshot of 14 of the top 16 metros in the U.S. shows overall inventory down 4.5% since a peak in May.\u00a0 Grouping the inventory\u00a0 by price range, an interesting story emerges.\u00a0 Inventory of listings priced under $150,000 have declined an amazing 13.5% since December 2010, while listings priced over $250,000 have actually increased slightly since December of 2010.<br \/>\nWhat\u2019s going on?\u00a0 We think:<\/p>\n<ol>\n<li>Foreclosures are still coming to market too slowly (more below)<\/li>\n<li>Savvy buyers have been bargain shopping and buying up sale priced homes.<\/li>\n<li>Low interest rates and low prices have encourage many low end buyers make a purchase<\/li>\n<li>Move-up buyers are stuck in their current homes and not buying in the higher price ranges<\/li>\n<\/ol>\n<p>What does this all mean for you?\u00a0 It means that there are good higher priced homes on the market and medium to low competition for those homes.\u00a0 If you\u2019re looking in the upper end of your local market, you should have a variety of choices and some time to make a decision.\u00a0 On the other hand, if you\u2019re looking for bargain properties on the lower end of the market, the market is active and you\u2019ll need to be ready to move quickly as move-in ready, good deals sell very quickly.<br \/>\nThe foreclosure situation continues to be a drag on the overall market.\u00a0 People are still getting behind on payments at high rates, but banks are <strong><em>slow<\/em><\/strong> at completing foreclosures.\u00a0 According to <a href=\"http:\/\/t.ymlp26.com\/uwhjadauesqaaaembapauuejew\/click.php\">LPS<\/a>, the average foreclosed property owner hasn\u2019t made a payment in 599 days.\u00a0 To add to the problem, those behind in payments more than 90 days, but not yet in foreclosure haven\u2019t made a payment in more than a year. Most of these 4.1 million owners are still living in their homes for free!\u00a0 The only glimmer of good news in LPS\u2019s latest report is that fewer home buyers are falling behind on their payments.\u00a0 Don\u2019t hold your breath waiting for things to improve.\u00a0 Every solution will create undeserving winners and unfortunate losers and in the polarized environment in Washington, that means gridlock.<br \/>\nOur outlook is that the rest of the year will show a typical seasonal pattern with inventories and sales slowly declining into the holiday season and prices remaining stable.\u00a0 It\u2019s a great time to buy a home \u2013 if you have available cash, a job and good credit, you\u2019re in a great position to buy a home that\u2019s much more affordable than at any time in the last 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Movoto market update newsletter is back! A quick update on current real estate market conditions: Prices are stable; Interest rates are low (Bankrate.com); Sales volume is low (NAR report) Mortgage applications are very low (Mortgage Bankers Assoc. Report); but inventory (especially at prices &lt; $150,000), is down as foreclosures trickle through the system. Our conclusion after digging into our Movoto listings statistics: we\u2019re in a market where supply is short on the low end and demand is short on the high end. Movoto\u2019s August ending snapshot of 14 of the top 16 metros in the U.S. shows overall inventory [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-1623","post","type-post","status-publish","format-standard","hentry","category-real-estate-tips","post--single"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Movoto September Market Update<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.movoto.com\/blog\/movoto-september-market-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Movoto September Market Update\" \/>\n<meta property=\"og:description\" content=\"The Movoto market update newsletter is back! A quick update on current real estate market conditions: Prices are stable; Interest rates are low (Bankrate.com); Sales volume is low (NAR report) Mortgage applications are very low (Mortgage Bankers Assoc. Report); but inventory (especially at prices &lt; $150,000), is down as foreclosures trickle through the system. Our conclusion after digging into our Movoto listings statistics: we\u2019re in a market where supply is short on the low end and demand is short on the high end. 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