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Predictions for Further Price Fall of Home for Sale
Predictions for Further Price Fall of Home for Sale
With the alarming decline of the homebuyers there is a stipulation of decrease in the price rates of the home for sale and real estate industry.
MORRISVILLE,
NC,
United States of America
(prbd.net)
14/07/2010
Repeat Property, the real estate property professionals predict that there would be further price falls residential for real estate properties following a surge in the number of home for sale deals. According to the study cast out by the online real estate agents in USA the rise in the homes for sale is considerably larger than that of the homebuyers. In fact there is a significant fall in their numbers.
The report comes as a result of extensive survey taken by Repeat Property which shows that the current rates for any home for sale are in due contrast with its price for the last month. The prices have been gradually going down over the past few months but the study suggests that this phenomenon will only gain momentum and speed during the course of the next months to come.
An alarming fact that bores in the tension for the decrease of price rates for the homes for sale is that there are fewer numbers of potential buyers registering with chartered surveyor estate agents. After the global downturn and fall of the economy in 2008 apprehension has caught the consumers and hence they are fretting about the state of the economy.
Before, there was a mismatch between the supply and demand too, but in that case the demand overwhelmed the supply always. Now there is a property bank that scales up to millions of properties and home for sale deals, but there is not a big enough buying community that is interested in matching the profitable deals of homes for sale in the USA.
The Repeat Property group said that the surveyors were still out there reporting the increase in the house prices in most parts of the country, but the increase in the supply of home for sale was pushing many of the regional balances towards negative territory.
A cause which may be accounted for such a dramatic issue may be that people have been losing their jobs over the past few years of economic depression. This resulted in foreclosures of their homes and hence there were more homes for sale then there were buyers for these residential properties for sale.
A shortage of stock has been one factor holding back transaction activity in the housing market, but the abolition of home information packs is helping to belatedly address this issue.