May 27, 2009

Activity Picks Up in Low-Priced Homes

Luxury home sales remain sluggish

Right now, there is activity picking up in low-priced homes. Existing homes sales data shows that they increased in April, probably due to government incentives, low prices and low mortgage rates. Mortgage News Daily reports on trends in the real estate market:

“Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish,” said Lawrence Yun, NAR chief economist, in the report.

First-time buyers were responsible for 40% of all transactions in April. Moreover, distressed properties accounted for 45% of all sales.

First time homebuyers are clearly trying to get a good deal -- and finding these deals in distressed real estate. Foreclosures and near-foreclosures are providing great bargains.

It will be a little longer before ski resort markets pick up again, though. Until high end home sales increase, ski resort real estate will be sluggish. However, there are still some great deals to be had, since ski resort homes have fallen in price.

Topic Tags: existing home sales. home sales, foreclosures, real estate, ski resort, ski resort markets, ski resort real estate

by Ski Resort Markets

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