In today’s real estate market, the signs are on the lawn, the notices in the mail and writing on the wall…literally sometimes, that we are in a distressed market.
Is this a bad thing? Well, that depends on who you ask. For sellers behind on their mortgage and underwater on their loan, the obvious answer is “Fo Sho!”
And I’m sure you’ve heard this from many real estate gurus….THIS IS THE BEST MARKET TO BUY IN…..EVER. Well, to say I agree is expected, as I do, wholeheartedly agree that this is a great buyer’s market. Here are just a few factors:
1. Low Rates
2. Lower Home Prices
3. Distressed properties
4. Government Tax Credits ($8000 1st time expires April 30th)
5. Seller’s are paying closing costs on average about $5000
There has never been a more beneficial time to buy relative to renting, as the average rents have not come down as fast as housing values and this makes trading up to a home of your own even more sensible because Mr. Landlord is only going UP on rents to compensate for inflation in heating and food costs.
With that being said, buyer beware! You want an expert to walk you through the process of buying short sales and bank owned homes in today’s market and not a Ghost of Realtor’s Past. This market is not the market of 3 years ago, let alone 10 to 20 years ago. Real estate Agents are now being required to know how to maneuver through complicated transactions using automated loss mitigation systems like Equator, to complete short sales and bank owned transactions.
Gimme a call, of course I’m going to plug my services, after all…Its my blog;)