Here's an interesting thought--just throwing it out there, not aimed at Elizabeth mind you. Or maybe you won't find it interesting at all.....
We talk about "recovery" as though in some way, it is "owed" to us that my condo will again and soon be worth $265 K and that inflated value in our property is our due, and defines our "recovery". Well, what we Realtors and all the consumers, real estate clientele, news media, wanna be buyers, etc. are failing to see is the recovery we are in.
Values are half of what they were in the recent boom years, but the Sacramento market is very alive--low inventory, high demand. Most homes for sale go into contract in 30 days or less. What is bad about this? Were you looking for a different scenario?
Interest rates are amazingly low, despite a recent inch upwards. First time buyer programs are readily available, if not abundant. Some lenders can offer downpayment assistance, or have programs where the lender can contribute closing costs to the purchase. FHA has a loan so a borrower with less down can still buy a fixer property and work on it (203K).
What is really the definition of recovery? We're pretty good right now!!!