Thursday, October 23, 2008
Market conditions Oct 23, 2008 Dyersburg,Tn 38024
I run into people everyday on the street and they all ask me the same question, "How is the market"? I tell them that sales have slowed somewhat but there are still buyers and sellers out there.
It appears that the lower priced houses(under $75,000) are the slowest movers in this market. For people who cannot wait to sell in this price range, they are lowering their prices and unloading them. There are also more foreclosures in this price range than any other.
In a slow market, usually the last sector to recover is rental properties. In this market, rental properties are the first sector recovering and all these houses being unloaded and the foreclosures are being turned into rental properties.
Up until 3-4 months ago there was a shortage of rental properties but now with all these purchases turning into rentals there is more available to rent.
It appears that the lower priced houses(under $75,000) are the slowest movers in this market. For people who cannot wait to sell in this price range, they are lowering their prices and unloading them. There are also more foreclosures in this price range than any other.
In a slow market, usually the last sector to recover is rental properties. In this market, rental properties are the first sector recovering and all these houses being unloaded and the foreclosures are being turned into rental properties.
Up until 3-4 months ago there was a shortage of rental properties but now with all these purchases turning into rentals there is more available to rent.
Labels: rentals increasing
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I own some town homes in Murfreesboro TN, at present we have all units full minus one, I believe this is due to a new marketing strategy that we have started to use...the internet is a powerful place!
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