Although the real estate market appears to be slowing down in general, it has created a new market of short sales and foreclosures. In 2007, it was rare to find a realtor specializing in short sales and foreclosures. Fast forward to 2010 and you can find many agents who have experience in this field. Why the shift in the real estate market? Real estate agents in the luxury estates field have found it increasingly more difficult to sell the mansions or luxury property, thus turning to foreclosures and short sales.
Nevada is just one of the several states that have been affected by slow growth in the real estate market. Roughly one in every 82 housing units has received foreclosure filings in just Nevada alone. The United States as a whole has had one in every 397 homes receiving foreclosure filing in July. California and Florida account for 37% of the nation’s total foreclosure. According to CNBC, July was the 17th consecutive month when foreclosure activity has exceeded 300,000. During that period about 97,123 U.S. properties have received default notices during that period. These statistics may come to a shock to many, but these foreclosures have created a new market in the real estate business.
Real estate agents have learned to adjust given the current state of the real estate market. Not only has short sales help realtors survive the slowing market but also new technology has proven to be useful as well. With the ever-changing market the only way to survive is to adapt.
22 hours ago via Facebook
New three-story luxury home in Playa Vista just listed by client Kris Zacuto - Hilton & Hyland. Offered at $2,998,000. Property Website: 12694millennium.com/ Modern design with open spaces made for relaxation and entertainment. This newer construction home celebrates indoor outdoor living with a soothing california coastal feel. #newlisting #hiltonhyland #smsold
3 days ago via Facebook
21830 Pacific Coast Highway Malibu #OpenHouse Wednesday 10am to 12:30pm by client Williams & Williams Estates Williams & Williams Estates #hiltonhyland #brokersopen thewilliamsestates.com/listing-details/21830-pacific-coast-hgwy-malibu-ca/262
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