In my view depending on areas and states, in some areas the market is doing ok these days
in other words buyers are buying, s o m e
But I fear that there are still a lot of short sales and foreclosures and just stressed properties coming on the market, keeping prices low, and only those buyers with secure jobs and good down payment
or cash purchases are actually buying these days.
I think some buyers have the courage to buy back but most of them not, and many sellers cannot afford to sell, as they will not have enough equity to buy the next home.
I want to think before all goes happy go lucky upwards we will need another 2 - 3 years, and I tell
all my buyers if you buy now, make sure you want to stay in the home for another 5 years before
deciding to sell and move on ....
But nobody really knows for sure.....
EdithSellsHomes@gmail.com YourRealtor4Life Working always in the very BEST interest of her clients Buyers Sellers and Investors alike, covering for @ Properties Brokerage the city of Chicago, all N and NW suburbs and the fine homes on the North Shore, and all of the US and worldwide offerings with my partner agents.... Edith speaks several languages ....
Have a great day :)
Things are going to get worse pretty soon.. Why? Lender undrwriting gets tighter and tighter.. Interest rates can only go one way at this point... and that is UP. When you review the bond market, look at the general cost of goods going up, and inflation across the board... there is one simple truth...
The harder it is for a buyer to buy a product, the harder it is to sell a product. Simple. Prices are still down from where they should be. Sellers are wheeling and dealing all over the place...
Basic economics... There is too many homes for sale, not enought buyer's in the market, and the buyers that are in the market, are going to find financing harder and harder to get as we progress forward.
I think the numbers are encouraging, and I don't think prices will go any lower... in fact, if you look at what is happening, homes, at least in my market, continue to appreciate in value.. If you are trying to sell your home.. I would get it up on the market and capture what good buyers there are while they are looking... espcially in the summer months.
Texas is a different place than the rest of the country... What happens everywhere else, doesnt seem to effect what happens here quite a much.. This is why most of the top 100 real estate markets in the country are found in Texas.
Bottom line... If you are a buyer... this is the time. Get out there while the "getting is good"
Interest rates will go up. Prices will go up, which is good news for sellers, and as the economy improves, more and more buyers will hit the market as they see their incomes begin to climb.. and I think in about 5 or so... we will see the market favor sellers a lot more.
You sound like the typical politicain who wants to pass some law to protect us all from our selves but instead pass something that does more harm than good when it comes to the average persons needs.
Tell you what .. But I will reduce my commission to help the market if you will reduce you profits and rent. But wait i be you are for free enterprise and less government except when it comes to my and your income.
In the end I bet the real estate will turn around with out yours, mine or the governemts help.
Royce Simmonds, Broker-Owner
Realty Executives Lone Star Inc.
I.e. you can still go buy a house, 100% financed with no money down.
Houses are still being offered at inflated prices, furthering the issues, and RE agents/banks/Title Agencies, for the most part, have not reduced their fees or commissions adding cost to the transactions, driving up the follow sale transaction price.
So...Is it over? Nope. Are we in a lull? Yep. Can we expect another dip? Yep, Fannie Mae loans are still Gov't backed. Our gov't's ability to control debt is completely lost and they keep spending, further degrading the value of the dollar, driving up inflation, and which, since it's invested in mortgages, causes more volatility in the housing market.
Whew...Buy when it's low.
I own a rental and am financing a new REO purchase. I am amazed at the lack of change from 6 years ago on the finance side of things.
But real estate is fun again !