In this housing market where the distressed properties are abundant and foreclosures still being rampant, you might think, well someone is making a deal somehow. This appeal of buying “Short Sales” might be of great interest to the capable buyers who will do a cash purchase. You could say: “good for them”. Actually, when you take a look at the effect of these sales that is caused on the fair market values of the area you can see that it can be pretty devastating for those properties which are not in a distressed condition. What effect does it have on other properties around? Clearwater is feeling this also.
The market would need to reconsider its values when it comes to pricing a property for sale. There is always a lot of factors involved, and one that shouldn’t be forgetting is the replacement value of that property. How much will it take to reconstruct that property? what’s its replacement cost? This is one factor only. One could argue that the present way of dealing with distressed properties is of an emergency condition handling and therefore it is not a permanent way of estimating the price of a building either residential or commercial.
Another factor also is the need to consider the fact of obtaining a real, proper, efficient appraisal done which really reflect its real value is of so great importance that one should not try to forget or diminish its necessity. There is all to win by doing and getting fair and real appraisals. This is a real necessity, an actual real need that shouldn’t be forgotten and left by the sideways. We need to take a look at this factor which plays a big role in the housing market. Time to re-evaluate the procedure. Buying the right home the right way is the way to go.
Safeguarding the real ethical values that have driven the real estate market over a long period of times should be reserved and condoned. let’s take a look and considered again those positive values. bringing them back for normal use and leading to an effective, well evaluated market values which will bring a more balanced and happy atmosphere for all owners around.
Looking at your property values going down is not the way to go. Something needs to be done about it and the sooner the better.
Americans are known to be homeowners and love to be known for that. Let’s keep a sane housing market alive by flourishing and prospering.
Louise Alepins
Real Estate Agent
Clearwater, Fl
727 692 5970
ww.homesclearwaterfl.com