The market in Highland isn’t perfect, but it’s far from problematic. The average property values sit around $310,000. While they’ve fallen from $355,000, they’ve certainly significantly recovered from their low of $169,000.
Value recovery happened quickly and steadily in the market, and is projected to continue. It could be a number of years before homes return to their previous highs, but the market conditions allow for this kind of recovery.
Highland is a healthy market. It has a slight leaning towards sellers, which means the buyers are there. Competition is relatively low, and homes are selling. About 12% of homes still sell at a price cut, and this is a slightly troubling figure.
The reason that houses are selling and the market is doing so well is that many homes in Highland list for less than what they’re worth. When price cuts and realtor fees are figured in, sellers aren’t benefiting very much from the deals they make.
As far as foreclosure goes, Highland sees a fair number. Three in every 10,000 homes in Highland will experience foreclosure, which is slightly higher than the national average. Foreclosure isn’t the end of the world, and its negative effects on a homeowner’s financial history can be avoided if the home is sold before the foreclosure is completed.