There’s been a lot of stress on the markets for homes over the past several years, and it’s been leading to what some economists call “dislocation.”
One example might be the high cost of houses that continues while a large number of homes are sitting alone and empty, but investors don’t want the empty houses and most homebuyers don’t either, so money is going into new homes.
Lance Thrailkill, the CEO of All Metals Fabricating, says people don’t want “fixer-upper” homes like they used to, so many just sit waiting for a buyer with a creative plan to bring the homes back to life and up to date.
And just because a home is empty doesn’t mean it’s available to buy, he says, because “some of them are second homes and some are rental homes, so the basic can sometimes be misleading on what’s going to be done with these homes.
And the length of time it takes for probate, should there be a death among the owners of the home, or foreclosure, should owners file for bankruptcy or otherwise default, can take months or years, it’s noted.