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October 22nd, 2008 10:07 AM by David W. Welch
While our market is still slow for sellers by comparison with the last several years, homes that are priced well are moving. I have been working with three buyers recently that are actually having a little difficulty getting properties under contract, because of multiple offers being placed on the homes. The downtown condo market is soft, which has lead to lower prices. The high desirability of downtown has kept rents fairly high ($900-$950/mo for a 1 BR). Prices in some of the more moderate communities are well below $100,000. I am seeing potential returns as high as 10% not including potential appreciation.
In other areas I am running into properties, townhome and single family, that are in position to cash flow with 20% down. This is starting to attract investors back into our market. Even with multiple offers, properties are still not selling for over the asking price. The amount of discounting is going down somewhat in areas with a lot of foreclosures and short sales. There are still plenty of properties that are way over priced too. For now, I am asking my buyers to be patient and diligent. I continue to try to encourage my sellers, but also keep them updated with anything happening in their neighborhoods.
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