Real Estate’s ‘Clearance Sale’? — New York Real Estate

Real Estate’s ‘Clearance Sale’?

by Raja Tayeb on June 6, 2011

Home sales

For those who love a deal, now is the time to buy a home, experts say. Pete Flint, CEO of Trulia, predict a “clearance sale” in real estate.

“We don’t imagine a stampede of buyers, like outside of Macy’s on Black Friday,” he told CNN. “We see this more akin to January sales where retailers are trying to get rid of stock before it gets stale.”

Flint cites reasons such as home prices likely already reaching their lowest levels and a high number of inventory weighing on the market, many of which are distressed properties. Also, sellers may feel more pressure this summer to make deals instead of risk losing any more.

As for buyer urgency, “if people think we’re at the bottom of the market, they’ll act,” says Ken Johnson, a real estate professor at Florida International University.

Source: “Home Clearance Sale Coming From ‘Desperate’ Sellers,” CNN.com (June 1, 2011)

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