Market Conditions

Well Buyers, It is definitely Your Time! As the economy still attempts to sputter into recovery mode and unemployment is running near 10% in our region, many people need to sell or move. Iinventory is still at a 10 year high, in many towns and cities, contributing to the urgency of Sellers.. So, the basic laws of supply and demand allow Buyers to cherry pick through the multitude of options and pay very reasonable prices.

Lenders, still, are very conservative, but some are slowly becoming less stringent. Appraisals are even not reaching the stated Sale Prices, in some cases, which is causing deals to fall apart, or need re-negotiating. But, all in all, for Buyers, one truth remains: interest rates are at an unbelievable All-Time Low, especially favorable if you have very good credit. Good credit is the gateway to extremely low payments.

Yes, good credit and having a job are a must. Some portfolio products exist also, in credit unions and small neighborhood banks, that even allow for low credit scores, with good explanations. FHA loan are still available with very-low down-payment options.

Advice to Buyers

Get Pre-approved and hire a seasoned Buyer's agent. Sifting through the options to for the very best investment in your lifestyle and net worth can be time-consuming and wary.

Be careful and prepared to need patience when considering purchase of a Short-Sale. A short-sale is a real estate transaction where the Seller owes more than what the home will sell for, so they hope that their bank or lender will approve the sale and forgive them the short-fall that they owe. They can be tricky and lengthy, sometimes never getting approval, or the Seller stops making mortgage or interest payments and the bank forecloses before the short sale was approved. Also be wary of entering a short-sale transaction with a listing agent that has never transacted one before. There are also some attorney negotiators that assist agents with lender communication, but, they also are human, not intimiately involved in your dealings and may make errors that can cost you thousands at the closing. Call us for advice on choosing a short-sale negotiator, is all I need to say:-) .

 Foreclosures are usually sold as is, and are difficult to judge condition without a thorough home inspection. Be wary of homes in urban areas that are vacant, check to make sure all plumbing, copper, and connections actually exist!

It is these times that I like to call wealth-building times…this investment will be a good one, not only in lifestyle but in your fiscal future for years to come.  With your good credit, and a decent real estate investment, you have achieved much that will be very evident in the near future.  Any investment you make right now in real estate, is the best one you could have made in the last 7 years!