News You Can Use: Terrible News About the Housing Market
How about some bookmark love? ::
Of all of the hype about the real estate market crash, what you don't hear are the stories of the buyers getting awesome deals. It helps the mainstream media to continue to pedal fear and panic and discuss foreclosure on a daily basis. It is true that in this market, the sellers are still having a tough time competing. This is because foreclosures and short pay sales are still driving prices down. My gut instinct is that we are nearing the end of the first of possibly three different phases regarding foreclosures.
There are still plenty of folks who aren't in trouble yet, but they are getting closer as those adjustable rate mortgages tick up dramatically.
With a focus on the good news, here are the types of buyers currently in the drivers seat and finding great deals:
People who need to borrow $417,000 or less.
Investors coming from 1031 exchanges.
Buyers willing to wait 45 days to hear about the acceptance of a bank sale offer.
All cash buyers.
Bernake knows that there are more foreclosures to come. Strap on your seat belt for rounds two and three.
There are still plenty of folks who aren't in trouble yet, but they are getting closer as those adjustable rate mortgages tick up dramatically.
With a focus on the good news, here are the types of buyers currently in the drivers seat and finding great deals:
People who need to borrow $417,000 or less.
Investors coming from 1031 exchanges.
Buyers willing to wait 45 days to hear about the acceptance of a bank sale offer.
All cash buyers.
Bernake knows that there are more foreclosures to come. Strap on your seat belt for rounds two and three.
It's nowhere near over yet. There are still a ton of short sales here in Las Vegas...none of which are selling (10% closure rate). The banks don't seem to want to sell them.
Posted by
Jade456 |
11:38 AM