The State of Real Estate, April 2011-June 2011
One of the most commonly asked questions of real estate experts and for that matter we at SportsRelocation.com, your relocation experts, is when is the real estate market going to improve? A logical question considering the number of professional athletes and entertainers who find it necessary, because of their professions, to relocate on a regular basis.
There is no denying that these are tough times in the real estate market. We have put together a little overview of five major metropolitan areas and the current status of those real estate markets. Perhaps this will give you a better understanding of where things currently stand in the real estate world.
- Average Listing Price $377,566 down 1.2%
- Median Sales Price $193,384 down 0.5%
- 14,338 homes for sale
- 4,124 sold
- 5,213 foreclosures
New York, New York
- Average Listing Price $1,946,411 up 0.4%
- Median Sales Price $1,075,000 up 3.5%
- 12,465 homes for sale
- 3,210 sold
- 130 foreclosures
- Average Listing Price $380,698 down 0.9%
- Median Sales Price $200,000 down 20%
- 14,892 homes for sale
- 13,705 sold
- 15,917 foreclosures
- Average Listing Price $586,098 down 0.8%
- Median Sales Price $340,000 down 8.1%
- 3,015 homes for sale
- 5,780 sold
- 1,615 foreclosures
- Average Listing Price $466,611 up 0.2%
- Median Sales Price $78,205 down 2.7%
- 7,320 homes for sale
- 855 sold
- 1,818 foreclosures
So what does all of this mean? At the best, if you are the ultimate in an optimist, it means that the market is stabilizing albeit very slowly. At the worst, if you are pessimistic in nature, it means that the real estate market continues to struggle. Somewhere in the middle of those two extremes we find that now is not a great time for the market but things have certainly been worse.
It remains our opinion at SportsRelocation.com that real estate is a great investment as long as you are in it long term. Interest rates remain extremely low and prices are as low as we are likely to see them. In order to make money on the investment, however, an investor needs to hang on to newly acquired property for five or perhaps ten years. The times of instant millions from real estate investment are gone. This is a new economic world we are navigating through and it requires savvy and patience.
For those who find it necessary because of employment to relocate now despite the state of the market, it might be a good idea to consider leasing until the situation becomes a bit clearer. Unfortunately, when that will happen is anyone’s guess at this point.
If we can help you please call our office and we will discuss your best strategies for relocation. That is, after all, our business. We have helped many athletes and entertainers over the years and we will continue to stay on top of the economic conditions so that we can best serve you.
By: Ikem Chukumerije
SportsRelocation.com® assists players/coaches of the NBA, WNBA, NFL, MLB, NHL, and Entertainers relocate nationwide by servicing your Real Estate & Relocation needs.
The Sports Relocation team is waiting to hear from you. Our primary goal is to assist you with all of the challenges related to transitioning into your new home. Visit us at http://www.SportsRelocation.com or call us at 800.783.1421