Foreclosures, short sales, and loan modifications, oh my !

Yes, things in the real estate world are tough right now. Many communities are on life support, and every day more homes have weed filled lawns, a sign of financial distress. Some analysts predict a further drop in home prices over the coming year. As a real estate broker/agent, I look at the current homes for sale by first zooming in on the price per square foot. Around $100 per square foot is a ballpark price for properties today. Any price over that needs to be examined in terms of the property's features, to determine if the price is justified. Acreage and unique features can take a price over the $100 mark. Bottom line, the value has to be there. Buyers do not want to pay unnecessarily bumped up prices; everyone wants to get their money's worth.