Last year I wrote a post about how things were going to be a little different going forward… down payment requirements, credit worthiness, but that there would be deals…
Last year I wrote a post about how things were going to be a little different going forward… down payment requirements, credit worthiness, but that there would be deals…
Two years ago we were staring at the beginnings of a financial crisis. Credit was clogged up, home values were sliding and the government was mulling over ways that they could intervene. They wanted to save everyone…
I had opinions then, and I have opinions now.
A few days ago I wrote about how the purchase offering process is having issues… issues that are especially apparent on Bank-Owned Properties (we call them REOs).
Banks are often requiring that ALL offers be accompanied by pre-qualification letters from specific approved lenders (perhaps even from their own loan department). In other cases, the brokers representing the properties are interjecting this “requirement” on their own.
This morning, local (and nationally syndicated) radio talk show host, Clark Howard mentioned
The October issue of Realtor Magazine (our industry magazine) had an interesting article about dispelling myths while educating first time home buyers. The first point was about the weakness of the housing market.
They are absolutely correct that we can’t flip on the TV, radio or computer, nor pick up a newspaper or magazine… or even sit in a restaurant without hearing about the tremendous “Buyer’s Market” taking place right now. Quickly, the common wisdom is that since there are few buyers in the market, the ones that are there can beat sellers into incredible deals…
Of course, there is some truth to that. There aren’t as many buyers in the Gwinnett County and Lilburn, GA markets as there were a few years ago… at least buyers that can get financing. BUT… in some segments, there is actual competition for properties. The First Time Home Buyer’s Tax Credit is pushing buyers into the market at the entry level. Prices are rising, and we are seeing properties bringing multiple offers. For now.
So, while there is still definite weakness in the luxury market, the entry level market is much different. Just as the market can vary from one ZIP code to another, it can also vary by price range. From now until the beginning of November (the credit currently is set to expire at the end of November, but most closings take 30 to 45 days to consumate), I think we will continue to see strength in the entry level market.
This is actually helping the move-up market, since many of the first time buyers are freeing the sellers to step up to a new (to them) home.
Things could be very different by January… Or not. If this indeed kicked the market, then we may see continued strength into the first quarter of next year.
Water is essential for life. Without it, everything dies. But… sometimes it can be a pain in the butt… like when it is in the wrong place in the house… or outside of the house…
I have a buyer that is under contract on a beautiful home… or more accurately, a home that could be beautiful. But it has problems. Water.
The biggest issue is one that people usually don’t think of…