There has been a lot of talk about the fact that housing sales were down in January and its actually good news. How can lower sales volume be a good thing in the real estate market?
The National Association of Realtors analyzed the research and found that distressed property sales were down. These are the properties that are either in a short sale or foreclosure situation. In market terms this is good news- it means there are less properties in distress and therefore less numbers of them to sell. Their market presence can scare buyers and they compete with sellers – so this is really good news for buyers and sellers.
But here’s the thing, the real news is quite GREAT news. Because journalists and pundits just relay sound bites- they missed the big story. Sales of high end properties rose dramatically in January 2014. In fact the biggest sales increases were for properties that sold at $1,000,000+.
Housing Sales Were Down in January