The "heel of the bread"
Took a guy out recently to look at homes. He will be retiring from the miltary this summer and is comparing Las Vegas to Florida. Aside from the difference in bugs (we don't have the flying bugs that suck your blood like the do in Florida), no personal state income tax, and no hurricanes, the real estate market in both areas is about the same. It sucks to be a seller, but is great to be a buyer. (I have a nice home listed as a shortsale the will sell well below what it originally sold for in 1978). The problem that we are dealing with in our market right now is 1) A state law went into affect on October 1st that makes it very hard for banks to foreclose, and 2) Fannie and Freddie typically have been slowing down their process during the holidays. What this does is leave the "heels". As this particular buyer pointed out after we looked at 4 straight homes that backed up to streets (which typically are the least desirable lots), all that is left are the "heels". Like a loaf of bread, the desireable pieces are between the heels. Once all of those pieces are gone, you get stuck with the heels. The disirable homes have been picked through and now we have a lot of heels. Fortunately, this will only be temporary. The banks have some smart people working for them, so they will figure out this foreclosure law. In the meantime, I am going to learn to enjoy the heels!
Posted at 12:30PM Jan 16, 2012 by Jeff and Kelly Stafford in Real Estate | Comments[0]
