The South Coast Real Estate Round-Up

Fall River and New Bedford Ma Struggle in Recovery

July 16th, 2013 9:14 AM by Christopher Terry

If you have been listening to the news lately about the real estate market you would think boom times are back, and for some areas of the country that is true. Talk of bidding wars, lack of inventory, price appreciation. There is even talk that the recent jump in mortgage interest rates could be a good thing to help slow the home price increases.

In fact, according to the Homes.com Rebound Report shows the top market being San Antonio TX with a 233% rebound, with 6 of the top 10 rebound markets in Texas. So, you can imagine if our market had rebounded 233% we would feel like we were riding new real estate highs, we would be rejoicing in higher rates and a slow down of the market!

But unfortunately this is a big country with many real estate markets. One truth in real estate is that all real estate is local. So where does Southern New England place on the Homes.com Rebound Report list?

We talked about the TOP 10, now lets look at the BOTTOM 10. 4 of the communities in the bottom 10 are in New England, 3 are in Florida, 2 in CA, 1 in NV. According to this report the worst area of the country with a 6.08% rebound is....Providence-New Bedford-Fall River, MA-RI.

What does the mean? Well, if you are first-time buyer this is good news. It means that the Providence/Greater Fall River markets are still a good buyers market. No doubt, it is getting more expensive as rates go up, but the housing market still has a long way to go before we see a 200% rebound. If you are a first-time buyer discover how to get on track to making the best purchase possible by visiting tap://www.ezhomesearch.net/save

If you are a seller don't be fooled by the hype! There is a tendency to overestimate the change in the market resulting in overpricing and in our market an overpriced home simply will not sell! As rates continue to rise buyers purchasing power falls, they simply can not afford to purchase as much house. If you're interested in knowing how the change in the market has affected the value of your home visit http://www.ezhomesearch.net/FreeHomeValuation. We'll create a detailed valuation of your home and send it your email with no obligation.

The news from Homes.com's Rebound Report may not be great for Southern New England but that's fine. It simply means we will enjoy a slower, longer recovery, giving home buyers and home sellers more time to plan their futures and not be subject to the explosive markets in other parts of the country.

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Christopher Terry is a licensed real estate broker in Ma and RI, has completed the Accredited Buyer Representative Certification, is a graduate of the Certified Distressed Property Institute, holds the prestigious CDPE designation, is a 4-Time winner of the Master Sales Society's 5/50 Award and is the founder of EZ Home Search Real Estate Inc.

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Posted by Christopher Terry on July 16th, 2013 9:14 AM

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