Going around Marion County, Florida, one could see a great number of house for sale signs as the values of properties in the area continue to drop last month. But the good news is, the low home prices and values are attracting bargain-hunting buyers to the area, especially first-time homebuyers who want to avail of the federal tax credit of $8,000 and investors laden with cash.
Last month, the average value of a property in Marion County declined to $128,304 from $138,086 the previous month. Additionally, the median home value in the county dropped by 27 percent to $98,677 compared with the same month the previous year.
The situation in the county’s housing market, with increasing number of foreclosure properties goaded by declining home values, is not without a good side. Because of the below market prices for foreclosure homes, many potential buyers are grabbing properties off the market, thus fueling steady and increasing home sales across the county.
Since June, the average number of house for sale each month was 310, representing a 34 percent increase compared with the same period a year ago. Industry experts said that people who have the financial capability to make a purchase should make a move now because the market is ripe for the picking. They warned that the market is not going to stay favorable for buyers forever. They noted that is some housing markets, multiple offers were made on properties.
Experts said that the major factor that has been pulling home prices and values is the high number of foreclosure properties. Many buyers are looking on the foreclosure market first believing that this is where they could get good deals.
Meanwhile, market data showed a slight decline in the number of foreclosures. In August 731 properties were placed on foreclosure listings in the county, compared with 886 foreclosures power in August. The highest foreclosure rate for this year occurred in April with 1,019.
Currently, a total of 4,758 properties in Marion County are in some kind of foreclosure proceedings. Badly hit by the problem is the Ocala where one out of 176 houses is in foreclosure. The average market sales price of a foreclosed house for sale is $98,168.
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