During the past several months, the real estate market has become very active. Homes are selling almost as soon as they are listed. That is, of course, if they are priced right. Contrary to popular belief, the seller who prices their home close to market value WILL NOT have to negotiate much lower.
Pure speculation on the boost in activity can point to several factors;
- Buyer frenzy over the previous tax credit, which gave the buyer a date of April 30,2010 contract signing date and June 30, 2010 closing date.
- The historically low interest rates that are currently being offered to borrowers with a good credit score. As of today, approximately 4.75 to 5.25 for a 30-year fixed conventional mortgage.
- A large number of veterans are entering the housing market as first-time homebuyers lately.
- Foreclosures are decreasing, due to buyers picking up the inventory and/or homeowners receiving modifications for their banks/leinholders, due to hardship.
- Lastly, of course, this is the season, in any market climate for real estate to thrive.
Future Industry movement is not easy to predict. It seems that there is a bit of a light in the middle of the tunnel. Seasonal changes will probably slow the market in the upcoming months but watch out for 2012. Not only does it seem like sales will rise but it also looks like it will be the year that prices will start to inch up.
It takes a little over a year from the date a foreclosure notice is issued for that foreclosure to clear off the market. With that information and the fact that the Veterans will need housing and are being offered wonderful government loans, I will make a risky prediction of Spring 2012 to see a booming market once again.
For Foreclosure and Preforeclosure information: http://propertyshark.com
Happy Hunting.
