Just ahead of the weekly sales report tomorrow, I want to disseminate this article with respect to the national foreclosure inventory: S&P Report.
Locally, some other experts are predicting that there are 5000 distressed properties that need to work their way through the market. If you remember our yearly sales figures, then you'll recall that it would take over two years to sell that inventory alone. On top of that, there is still the matter of all the other non-distressed sales on the market (currently about 2300, and rising).
None of this new information bodes well for the Tallahassee housing market over the next 3-4 years. However, if you are in the market for a house long term (7-10 years), then buying now while rates are still low is a phenomenal, once-in-a-lifetime opportunity. Call me!
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